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Forex - USD/CAD little changed after U.S. retail data

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Investing.com - The U.S. dollar was little changed against the Canadian dollar on Wednesday after official data showed that U.S. retail sales rose more-than-expected in February.

USD/CAD hit 1.0247 during early U.S. trade, the session low; the pair subsequently consolidated at 1.0260, inching up 0.05%.

The pair was likely to find support at 1.0233, the low of March 8 and resistance at 1.0282, Tuesday's high.

The Commerce Department said U.S. retail sales rose 1.1% in February, beating expectations for a 0.5% increase.

Core retail sales, which exclude automobile sales, also rose more-than-expected, climbing 1.0% compared to expectations for a 0.2% gain.

The data fuelled optimism that the recovery in the U.S. is gaining traction after data last week showed that the economy added more jobs than expected in February, bringing the unemployment rate to a four-year low of 7.7%.

The loonie, as the Canadian dollar is also known, was higher against the euro, with EUR/CAD down 0.40% to 1.3313.

The euro remained under pressure after Italy saw the yield on three-year bonds rise to the highest level since December at the first auction of the country's debt since a one-notch downgrade by Fitch's ratings agency last week in the wake of inconclusive elections.

Meanwhile, data showing that industrial production in the euro zone fell 0.4% in January, more than expectations for a 0.1% decline underlined concerns over the economic outlook for the region.

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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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