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Forex - USD/CAD falls, erasing gains after weak Canadian trade data

Published 06/17/2010, 10:10 AM
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EUR/CAD
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Investing.com – The Canadian dollar fell against its U.S. counterpart, erasing earlier gains on Thursday in the wake of official data which showed that Canadian wholesale trade fell unexpectedly.

USD/CAD hit 1.0255 during European afternoon trade, gaining 0.12%, after falling from 1.0293, a daily high.

The pair was likely to find short-term support at 1.011, the low of May 13 and resistance at 1.0451, last Thursday’s high.

Earlier in the day, official data showed that the value of Canadian wholesale trade fell 0.3%, following an increase in March to 1.2%, whose figure was revised down from 1.4%.

Economists had predicted an increase of 0.4%.

The loonie was also down against the euro, with EUR/CAD gaining 0.66% to hit 1.269.

Also Thursday, official data showed that consumer prices in the U.S. rose in line with expectations in May.

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