Investing.com | Feb 13, 2018 09:30AM ET
Investing.com - The U.S. dollar moved higher against its Canadian counterpart on Tuesday, as declining oil prices weighed on the commodity-related Canadian currency, although caution ahead of this week's U.S. inflation data was expected to limit the greenback's gains.
USD/CAD was up 0.12% at 1.2595 by 09:30 a.m. ET (13:30 GMT).
The Canadian dollar was dented by a fresh decline in oil prices, after they briefly rebounded earlier Tuesday.
In the U.S., investors were eyeing this week's consumer price inflation data due on Wednesday and producer price inflation data on Thursday for further clues on how fast the Federal Reserve will raise interest rates this year.
Monday's recovery for global stock markets also weighed on the greenback. U.S. equities were especially boosted by news of a $2 billion infrastructure plan by the Trump administration.
The plan is part of the two-year budget agreement passed by the U.S. Congress last Friday, ending a brief government shutdown.
The agreement is set to boost federal spending by almost $300 billion and suspend the debt ceiling for a year.
The loonie was lower against the euro, with EUR/CAD climbing 0.58% to 1.5552.
Written By: Investing.com
Fusion Media will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors. Trading or investing in cryptocurrencies carries with it potential risks. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Cryptocurrencies are not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument or cryptocurrencies you should carefully consider your investment objectives, level of experience, and risk appetite.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures), Forex and cryptocurrencies prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.