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Forex - USD/CAD little changed before Bernanke speech

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Investing.com - The U.S. dollar was almost unchanged against the Canadian dollar on Monday, as investors remained on the sidelines ahead of a speech on monetary policy by Federal Reserve Chairman Ben Bernanke later in the trading day.

USD/CAD hit 0.9865 during early U.S. trade, the pair's highest since Thursday; the pair subsequently consolidated at 0.9849, inching up 0.01%.

The pair was likely to find support at 0.9814, Friday's low and a three-month low and near-term resistance at 0.9882, the high of January 3.

The greenback remained under pressure amid speculation that the Fed chief would quash speculation over an earlier-than-expected end to the central bank's quantitative easing program.

Overall market sentiment continued to be underpinned by hopes that the worst of the debt crisis in the euro zone has passed after the European Central Bank said last week that a gradual economic recovery would begin this year.

Risk appetite was tempered after data earlier showed that that industrial production in the euro zone fell 0.3% in November, down for the third consecutive month, compared to expectations for a 0.1% increase.

The loonie, as the Canadian dollar is also known, was trading close to nine-month lows against the euro, with EUR/CAD easing up 0.11% to 1.3157.

Later Monday, the Bank of Canada was to release its quarterly business outlook survey.

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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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