💥 Fed cuts sparks mid cap boom! ProPicks AI scores with 4 stocks +23% each. Get October’s update first.Pick Stocks with AI

Forex - USD/CAD almost unchanged at 6-year highs

Published 07/21/2015, 09:24 AM
© Reuters.  Greenback hovers at 6-year peak vs. loonie
USD/CAD
-
EUR/CAD
-

Investing.com - The U.S. dollar was almost unchanged against its Canadian counterpart on Tuesday, hovering at six-year highs, as expectations for an upcoming U.S. rate hike continued to support demand for the greenback.

Trading volumes were expected to remain light with no major U.S. data to be released throughout the day.

USD/CAD hit 1.3025 during early U.S. trade, the session high; the pair subsequently consolidated at 1.2989.

The pair was likely to find support at 1.2900, the low of July 16 and resistance at 1.3027, Monday's high and a six-year high.

The greenback remained broadly supported after Federal Reserve Chair Janet Yellen said last week that the Fed is likely to raise rates "at some point this year."

Meanwhile, the Canadian dollar remained under pressure after data on Monday showed that Canada's wholesale sales declined by 1.0% in May, compared to expectations for a 0.1% uptick.

The loonie was also lower against the euro, with EUR/CAD gaining 0.46% to 1.4132.

The single currency found mild support after Greek banks reopened on Monday following a forced 3-week closure, while restrictions on cash withdrawals remained in place.

Also Monday, Greece repaid the totality of its arrears of about €2.0 billion to the International Monetary Fund. "Greece is no longer in arrears to the IMF," the Fund's spokesman Gerry Rice announced on Monday.

Athens had fallen into arrears with the IMF on June 30 after the country missed a €1.6 billion payment.

"The Fund stands ready to continue assisting Greece in its efforts to return to financial stability and growth," Rice added.

The Greek Parliament was scheduled to vote on further austerity measures on Wednesday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.