Investing.com - The U.S. dollar trimmed back gains against the
Canadian dollar on Wednesday after official data showed that
Canadian wholesale sales were higher for a consecutive third month
USD/CAD was flat at 1.0942, off session highs of 1.0938.
The pair was likely to find support at around 1.0920 and
resistance at about the 1.0985 level.
The Canadian dollar firmed up after Statistics Canada reported
that wholesale sales rose 0.6% to C$53.0 billion in June.
Economists had forecast an increase of 1.3%.
Wholesale sales for May were revised up to 2.3% from a
previously reported gain of 2.2%.
Demand for the greenback continued to be underpinned after
recent reports indicated that the economic recovery is on
Data on Tuesday showed that U.S. housing starts jumped 15.7% in
July, while the number of new permits granted to home-builders also
The data pointed to underlying strength in the housing sector,
which stalled in the second half of last year.
The data offset a report showing that U.S. consumer prices rose
just 0.1% in July.
Investors were looking ahead to the minutes of the Fed's latest
meeting due for release later Wednesday for further indications on
the future direction of monetary policy.
Market watchers were also awaiting a speech by Fed Chair Janet
Yellen in Jackson Hole on Friday.
Elsewhere, the loonie, as the Canadian dollar is also known, was
higher against the broadly weaker euro, with EUR/CAD down 0.22% to
The single currency remained under pressure after recent weak
data on euro zone second quarter growth highlighted the divergence
in monetary policy between the European Central Bank and its major
offers an extensive set of professional tools for the financial
Read more News on Investing.com and download the new
Investing.com Stocks & Forex App