Investing.com - The U.S. dollar edged lower against the Canadian dollar in early trade on Monday ahead of the release of U.S. data on factory orders later in the session.
USD/CAD hit 1.0398 during early U.S. trade, the lowest since October 24; the pair subsequently consolidated at 1.0413, slipping 0.09%.
The pair was likely to find support at 1.0365, the low of October 24 and resistance at 1.0452, Friday’s high.
Investors remained focused on the monetary policy outlook after the Bank of Canada shifted its policy last month, dropping language referring to the need for future rate increases from its October rate statement.
Demand for the greenback continued to be underpinned after expectations that the Federal Reserve may start to scale back stimulus measures as soon as next month received a boost on Friday following unexpectedly strong U.S. manufacturing data for October.
Elsewhere, the loonie, as the Canadian dollar is also known, was almost unchanged against the euro, with EUR/CAD dipping 0.02% to 1.4059.
In the euro zone, data released on Monday showed that the euro zone manufacturing purchasing managers index’ ticked up to 51.3 in October from a final reading of 51.1 in September, unchanged from a preliminary estimate.
The single currency looked likely to remain under pressure in the run-up the European Central Bank’s monthly meeting on Thursday after data last week showing that euro zone inflation fell to a four year low in October sparked concerns that the bank may cut rates in order to safeguard the fragile economic recovery.
USD/CAD hit 1.0398 during early U.S. trade, the lowest since October 24; the pair subsequently consolidated at 1.0413, slipping 0.09%.
The pair was likely to find support at 1.0365, the low of October 24 and resistance at 1.0452, Friday’s high.
Investors remained focused on the monetary policy outlook after the Bank of Canada shifted its policy last month, dropping language referring to the need for future rate increases from its October rate statement.
Demand for the greenback continued to be underpinned after expectations that the Federal Reserve may start to scale back stimulus measures as soon as next month received a boost on Friday following unexpectedly strong U.S. manufacturing data for October.
Elsewhere, the loonie, as the Canadian dollar is also known, was almost unchanged against the euro, with EUR/CAD dipping 0.02% to 1.4059.
In the euro zone, data released on Monday showed that the euro zone manufacturing purchasing managers index’ ticked up to 51.3 in October from a final reading of 51.1 in September, unchanged from a preliminary estimate.
The single currency looked likely to remain under pressure in the run-up the European Central Bank’s monthly meeting on Thursday after data last week showing that euro zone inflation fell to a four year low in October sparked concerns that the bank may cut rates in order to safeguard the fragile economic recovery.