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Forex - USD/CAD slips but downside seen limited

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Investing.com -

Investing.com - The U.S. dollar slipped against its Canadian counterpart on Monday, but losses were expected to remain limited as disappointing data from Canada weighed on demand for the loonie.

USD/CAD hit 1.0876 during early U.S. trade, the session low; the pair subsequently consolidated at 1.0889, easing 0.08%.

The pair was likely to find support at 1.0850, the low of July 30 and resistance at 1.0921, the high of August 21.

Official data earlier showed that Canada's foreign securities purchases declined by C$1.07 billion in June, confounding expectations for a C$14.68 billion increase, after a rise of C$21.42 billion in May whose figure was revised from a previously estimated gain of C$21.43 billion.

The Canadian dollar had climbed to more than two week highs against the greenback on Friday before later retracing most of those gains, after a revised jobs report showed that the Canadian economy added more jobs than expected in July.

The statistics agency released a revised version of the jobs report after detecting an error in the original jobs report released on August 8.

Meanwhile, investors were cautiously optimistic that a meeting due to take place between Russian and Ukraine's foreign ministers later in the day would result in a breakthrough to ease geopolitical tensions in the region.

The loonie was higher against the euro, with EUR/CAD shedding 0.22% to 1.4573.

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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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