Investing.com - The U.S. dollar climbed against its Canadian counterpart on Friday, as the release of disappointing inflation data from Canada dampened demand for the local currency.
USD/CAD hit 1.3298 during early U.S. trade, the session high; the pair subsequently consolidated at 1.3304, climbing 0.51%.
The pair was likely to find support at 1.3205, Thursday’s low and resistance at 1.3349, Wednesday’s high.
Statistics Canada said the consumer price index increased by 0.1% in May, compared to forecasts for a 0.2% rise and after a 0.4% increase in April.
Year-on-year, consumer prices advanced 1.3% last month, compared to expectations for a 1.5% rise.
Core CPI, which excludes food and energy, rose by 0.1% in May, after a flat reading in April.
The commodity-related Canadian dollar had strengthened earlier thanks to a rebound in oil prices, although the commodity’s gains were expected to remain limited by ongoing concerns over a global supply glut.
The loonie was lower against the euro, with EUR/CAD advancing 0.79% to 1.4871.