Investing.com – The Canadian dollar fell against its U.S. counterpart on Wednesday, halting a recent rally ahead of the release of key U.S. housing data.
USD/CAD hit 1.0289 during early European trade, a daily high; the pair subsequently consolidated at around 1.0289, gaining 0.34%.
The pair was likely to find support at 1.011, the low of May 13 and resistance at 1.0451, last Thursday’s high.
Earlier Wednesday, the chairman of the Russian central bank, Alexei Ulyukayev, said Russia had added Canadian dollars to its international reserves for the first time after fluctuations in the U.S. dollar and euro.
Meanwhile, the loonie was down against the euro, with EUR/CAD gaining 0.08%, to hit 1.2633.
Later in the day, the U.S. was to release a key report on building permits as well as data on housing starts, mortgage applications and industrial production. The U.S. Energy Information Administration, meanwhile, was also to publish data on crude oil inventories.
Also Wednesday, the U.S. was to release heavily anticipated PPI data, and U.S. Federal Reserve Chairman Ben Bernanke was scheduled to speak at an event in New York.
USD/CAD hit 1.0289 during early European trade, a daily high; the pair subsequently consolidated at around 1.0289, gaining 0.34%.
The pair was likely to find support at 1.011, the low of May 13 and resistance at 1.0451, last Thursday’s high.
Earlier Wednesday, the chairman of the Russian central bank, Alexei Ulyukayev, said Russia had added Canadian dollars to its international reserves for the first time after fluctuations in the U.S. dollar and euro.
Meanwhile, the loonie was down against the euro, with EUR/CAD gaining 0.08%, to hit 1.2633.
Later in the day, the U.S. was to release a key report on building permits as well as data on housing starts, mortgage applications and industrial production. The U.S. Energy Information Administration, meanwhile, was also to publish data on crude oil inventories.
Also Wednesday, the U.S. was to release heavily anticipated PPI data, and U.S. Federal Reserve Chairman Ben Bernanke was scheduled to speak at an event in New York.