Investing.com - The U.S. dollar edged up against its Canadian counterpart on Tuesday, trading within close range of four-and-a-half month highs after the release of upbeat housing sector data from the U.S.
USD/CAD hit 1.0553 during early U.S. trade, the session high; the pair subsequently consolidated at 1.0550, easing up 0.07%.
The pair was likely to find support at 1.0475, the low of September 4 and resistance at 1.0609, the high of July 5.
Standard & Poor’s with Case-Shiller said its house price index rose at an annualized rate of 13.3% in September from a year earlier, above forecasts for an increase of 13% and posting its largest increase since February 2006.
U.S. home prices in August rose by 12.8%.
The report came after data showed that U.S. building permits rose at the fastest pace in five years in October.
The U.S. Commerce Department said that the number of building permits issued in October rose 6.2% to a seasonally adjusted 1.034 million from September’s total of 0.970 million. Analysts expected building permits to decline to 0.940 million units in October.
The data added to expectations for the Federal Reserve to soon begin scaling back its stimulus program, as last week’s minutes of the Fed’s October meeting said the bank could start tapering its USD85 billion-a-month asset purchase program in the “coming months” if the economy continues to improve as expected.
The loonie was lower against the euro, with EUR/CAD adding 0.16% to hit 1.4275.
The euro shrugged off dovish remarks by European Central Bank board member Benoit Coeure, who said Tuesday that negative deposit rates are still a possibility.
Later in the day, the U.S. was to produce private sector data on consumer confidence.
USD/CAD hit 1.0553 during early U.S. trade, the session high; the pair subsequently consolidated at 1.0550, easing up 0.07%.
The pair was likely to find support at 1.0475, the low of September 4 and resistance at 1.0609, the high of July 5.
Standard & Poor’s with Case-Shiller said its house price index rose at an annualized rate of 13.3% in September from a year earlier, above forecasts for an increase of 13% and posting its largest increase since February 2006.
U.S. home prices in August rose by 12.8%.
The report came after data showed that U.S. building permits rose at the fastest pace in five years in October.
The U.S. Commerce Department said that the number of building permits issued in October rose 6.2% to a seasonally adjusted 1.034 million from September’s total of 0.970 million. Analysts expected building permits to decline to 0.940 million units in October.
The data added to expectations for the Federal Reserve to soon begin scaling back its stimulus program, as last week’s minutes of the Fed’s October meeting said the bank could start tapering its USD85 billion-a-month asset purchase program in the “coming months” if the economy continues to improve as expected.
The loonie was lower against the euro, with EUR/CAD adding 0.16% to hit 1.4275.
The euro shrugged off dovish remarks by European Central Bank board member Benoit Coeure, who said Tuesday that negative deposit rates are still a possibility.
Later in the day, the U.S. was to produce private sector data on consumer confidence.