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Forex - U.S. dollar drifts to 1-week lows against Canadian dollar

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Investing.com -

Investing.com - The U.S. dollar drifted down to one-week lows against the Canadian dollar on Wednesday in the absence of any market data to provide fresh direction.

USD/CAD touched session lows of 1.0870 and was last trading at 1.0873, 0.27% lower for the day.

The pair was likely to find support at 1.0845 and resistance at 1.0940, Monday's high.

Market participants were looking ahead to Thursday's U.S. retail sales report for further indications on the strength of the economic recovery. The U.S. was also to release data on initial jobless claims.

Recent economic reports have indicated that the U.S. economy is shaking off the effects of the harsh winter, bolstering the outlook for the broader recovery.

The latest U.S. jobs report on Friday showed that the economy added jobs for the fourth successive month in May, with employment returning to its pre-recession peak.

Elsewhere, the broadly weaker euro fell to six month lows against the loonie, as the Canadian dollar is also known, with EUR/CAD down 0.28% to 1.4728.

The single currency remained under pressure after the European Central Bank's announcement last week of a fresh package of measures to tackle low inflation and stimulate growth in the euro area.

The ECB cut all its main rates to record lows on Thursday and for the first time imposed negative deposit rates on commercial lenders, in a bid to stimulate lending to businesses.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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