Shutterstock photo
Markets

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

Shutterstock photo

Shutterstock photo

Investing.com -

Investing.com - The U.S. dollar was almost unchanged against the Canadian dollar on Wednesday after official data showed that U.S. retail sales were flat in July, and investors awaited a revised Canadian jobs report on Friday.

USD/CAD was at 1.0922 and was moving in a range of 1.0906 and 1.0931.

The pair was likely to find support at 1.0885 and resistance at 1.0950.

The pair was almost unchanged after the Commerce Department reported that U.S. retail sales were flat last month, disappointing expectations for a 0.2% increase.

Core retail sales, which exclude auto sales, rose just 0.1% in July, compared to expectations for a 0.4% gain.

Markets were looking ahead to a revised Canadian employment report for July, due to be released on Friday after Statistics Canada announced Tuesday that a statistical error in the report had come to light and a review had been launched.

Last Friday, Canada's statistics agency said that the economy had added only 200 jobs last month, falling far short of expectations for jobs growth of 20,000.

Elsewhere, the loonie, as the Canadian dollar is also known, was slightly lower against the euro, with EUR/CAD easing up 0.13% to 1.4621.

The euro's gains were held in check after data on Wednesday showed that euro zone industrial output unexpectedly declined in June, adding to fears that the recovery in the region is faltering.

Investors were looking ahead to euro zone data on economic growth and inflation on Thursday, amid expectations for weak readings. Weak reports would add to pressure on the European Central Bank to implement fresh measures to bolster growth after it cut rates to record lows in June.

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 Stocks & Forex App for Android!

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