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Forex - USD/CAD little changed at 1-month highs

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Investing.com -

Investing.com - The dollar was steady at one month highs against the Canadian dollar on Monday as investors looked ahead to a series of key economic events later in the week.

USD/CAD was trading at 1.08111.0811, just below Friday's highs of 1.0820, the most since June 20.

The pair was likely to find support at 1.0737, Friday's low and resistance at the 1.0850 level.

Demand for the dollar continued to be underpinned ahead of the latest U.S. employment report later in the week and the upcoming Federal Reserve statement on Wednesday. Investors were also awaiting final data on U.S. second-quarter growth on Wednesday.

Earlier this month Fed Chair Janet Yellen said that rates could rise sooner if the recovery in the labor market continued.

Canada was to release the May report on gross domestic product on Thursday.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was close to six month highs at 81.10.

Elsewhere, the loonie, as the Canadian dollar is also known, was almost unchanged against the euro, with EUR/CAD at 1.4524.

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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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