Investing.com - The U.S. dollar was almost unchanged against its Canadian counterpart on Monday, as uncertainty over the timing of a U.S. rate hike continued to weigh on the greenback.
USD/CAD hit 1.2182 during early U.S. trade, the session low; the pair subsequently consolidated at 1.2243.
The pair was likely to find support at 1.2084, the low of April 17 and resistance at 1.2329, the high of April 16.
Sentiment on the dollar remained vulnerable after a recent run of soft economic data saw investors push back expectations for higher U.S. interest rates.
Markets shrugged off data on Friday showing that U.S. consumer prices were higher for a second successive month in March.
The consumer price index edged up 0.2% last month, matching a similar gain in February. On a year-over-year basis, consumer prices dipped 0.1% in March after remaining flat in February.
Core consumer prices, which exclude food and energy costs increased 0.2% in March for an annual increase of 1.8%, the largest since October.
The Canadian dollar had found support on Friday after official data showed that Canada's retail sales rose 1.7% in February, beating expectations for a 0.2% gain, while core retail sales, which exclude automobiles, rose 2.0% in February, more than the expected 0.5% increase.
A separate report showed that Canadian consumer prices ticked up 0.7% last month, compared to expectations for an increase of 0.5%.
The loonie was higher against the euro, with EUR/CAD declining 0.75% to 1.3135.