Shutterstock photo
Markets

Forex - USD/CAD edges lower, hovers near 2-month trough

Shutterstock photo

Shutterstock photo

Investing.com -

Investing.com - The U.S. dollar edged lower against its Canadian counterpart on Monday, hovering close to a two-month trough as the minutes of the Federal Reserve's latest policy meeting continued to dampen demand for the greenback.

Trading volumes were expected to remain thin on Monday, with U.S. markets closed for a national holiday.

USD/CAD hit 1.2902 during early U.S. trade, the session low; the pair subsequently consolidated at 1.2931, slipping 0.12%.

The pair was likely to find support at 1.2858, the low of July 29 and resistance at 1.3022, Friday's high.

Minutes from the Fed's September policy meeting, published on Thursday, showed that most policymakers thought an initial rate hike should still come this year and that financial market turmoil had not "materially altered" the outlook for the U.S. economy.

But the minutes also noted that recent global economic and financial developments may have increased the downside risks to the U.S. economy.

The minutes reinforced expectations that U.S. interest rates will remain on hold until well into 2016.

The loonie was steady against the euro, with EUR/CAD at 1.4704.

Investing.com offers an extensive set of professional tools for the financial markets.

Read more News on Investing.com and download the new Investing.com apps for Android and iOS! http://glocdn.investing.com/news/LYNXMPEB1906F_M.jpg

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