Shutterstock photo
Markets

Forex - USD/CAD edges higher after Canadian data

Shutterstock photo

Shutterstock photo

Investing.com - The U.S. dollar edges higher against its Canadian counterpart on Friday, after the release of positive Canadian economic growth data, as investors eyed U.S. economic reports to be published later in the day.

USD/CAD hit 1.0508 during early U.S. trade, the pair's highest since June 26; the pair subsequently consolidated at 1.0495, adding 0.18%.

The pair was likely to find support at 1.0425, Thursday's low and resistance at 1.0528, the high of June 26.

Official data showed that Canada's gross domestic product expanded 0.1% in April, compared to expectations for a flat reading, after a 0.2% expansion the previous month.

A separate report showed that Canada's raw materials purchase index rose 0.2% in May, disappointing expectations for a 1% increase, after a 2.2% decline the previous month.

But investors remained cautious ahead of the release of U.S. data amid ongoing uncertainty over the future of the Federal Reserve's bond-buying program.

The loonie was lower against the euro with EUR/CAD rising 0.25%, to hit 1.3696.

Also Friday, official data showed that German retail sales rose 0.8% in May, beating expectations for a 0.2% gain, after a 0.1% fall the previous month.

In France, official data showed that consumer spending rose 0.5% in May, confounding expectations for a 0.1% fall, after a 0.5% decline the previous month.

Investing.com - Investing.com offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.

Read more News on Investing.com or Follow us on Twitter at @ Newsinvesting

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.

Other Topics

ForEx