Investing.com - The U.S. dollar trimmed gains against its Canadian counterpart on Wednesday, pulling away from to two-and-a-half week highs after the release of downbeat U.S. data lessened speculation over a potential earlier end than expected to the Federal Reserve's easing program.
USD/CAD pulled away from 1.0219, the pair's highest since April 25, to hit 1.0182 during early U.S. trade, still up 0.03%.
The pair was likely to find support at 1.0158, the low of April 26 and resistance at 1.0256, the high of April 25.
Official data showed that U.S. industrial production fell more-than-expected in April, slipping 0.5% after a 0.3% rise the previous month. Analysts had expected industrial production to decline 0.2% last month.
The data came after the U.S. Department of Labor said producer price inflation fell 0.7% in April, more than the expected 0.6% fall, after a 0.6% decline the previous month.
Core producer price inflation, which excludes good and energy, rose 0.1% last month, in line with expectations, after a 0.2% increase the previous month.
Separately, the Empire State manufacturing index slid to minus 1.4 in May, from a reading of 3.1, disappointing expectations for a rise to 4.0.
In Canada, official data showed that manufacturing sales fell 0.3% in March, disappointing expectations for a 1% increase, after a 2.80% rise the previous month.
The loonie was steady against the euro with EUR/CAD inching up 0.04%, to hit 1.3159.
The euro came under pressure after preliminary data showed that euro zone gross domestic product fell 0.2% in the first quarter, more than the expected 0.1% fall, after a 0.6% decline in the previous quarter.
USD/CAD pulled away from 1.0219, the pair's highest since April 25, to hit 1.0182 during early U.S. trade, still up 0.03%.
The pair was likely to find support at 1.0158, the low of April 26 and resistance at 1.0256, the high of April 25.
Official data showed that U.S. industrial production fell more-than-expected in April, slipping 0.5% after a 0.3% rise the previous month. Analysts had expected industrial production to decline 0.2% last month.
The data came after the U.S. Department of Labor said producer price inflation fell 0.7% in April, more than the expected 0.6% fall, after a 0.6% decline the previous month.
Core producer price inflation, which excludes good and energy, rose 0.1% last month, in line with expectations, after a 0.2% increase the previous month.
Separately, the Empire State manufacturing index slid to minus 1.4 in May, from a reading of 3.1, disappointing expectations for a rise to 4.0.
In Canada, official data showed that manufacturing sales fell 0.3% in March, disappointing expectations for a 1% increase, after a 2.80% rise the previous month.
The loonie was steady against the euro with EUR/CAD inching up 0.04%, to hit 1.3159.
The euro came under pressure after preliminary data showed that euro zone gross domestic product fell 0.2% in the first quarter, more than the expected 0.1% fall, after a 0.6% decline in the previous quarter.