Investing.com – The U.S. dollar broke below parity with the loonie on Wednesday, nearing a 20-month low ahead of key U.S. reports on the retail sector and inflation.
USD/CAD fell to 0.9985 during early European trade, close to last Wednesday's low of 0.9977, the pair's lowest since July 15, 2008. The pair subsequently consolidated around 0.9994, shedding 0.16%.
The pair was likely to find support at 0.9823, the low of May 29, 2008, and resistance at 1.0303, the high of March 26.
Later in the day, the European Union was set to publish a monthly report on industrial production in the euro zone and the U.S. was due to publish closely watched reports on consumer prices and retail sales.
The loonie also rose against the euro, with EUR/CAD dropping 0.09% to reach 1.3615.
Also Wednesday, U.S. Federal Reserve Chairman Ben Bernanke was scheduled to testify before the Joint Economic Committee of Congress. Traders were likely to scrutinize his comments for clues to future shifts in monetary policy.
USD/CAD fell to 0.9985 during early European trade, close to last Wednesday's low of 0.9977, the pair's lowest since July 15, 2008. The pair subsequently consolidated around 0.9994, shedding 0.16%.
The pair was likely to find support at 0.9823, the low of May 29, 2008, and resistance at 1.0303, the high of March 26.
Later in the day, the European Union was set to publish a monthly report on industrial production in the euro zone and the U.S. was due to publish closely watched reports on consumer prices and retail sales.
The loonie also rose against the euro, with EUR/CAD dropping 0.09% to reach 1.3615.
Also Wednesday, U.S. Federal Reserve Chairman Ben Bernanke was scheduled to testify before the Joint Economic Committee of Congress. Traders were likely to scrutinize his comments for clues to future shifts in monetary policy.