Investing.com - The U.S. edged lower against its Canadian counterpart in subdued trade on Monday, with markets closed in the U.S. and Canada closed for the Labor Day holiday, while concerns over an imminent strike against Syria eased.
USD/CAD hit 1.0517 during early U.S. trade, the session low; the pair subsequently consolidated at 1.0524, easing 0.09%.
The pair was likely to find support at 1.0474, the low of August 28 and resistance at 1.0569, the high of August 23.
U.S. President Barack Obama launched a political offensive on Sunday to persuade Congress to approve a military strike against Syria, but faced a struggle to win over lawmakers from both parties.
Congress will only debate a Syria strike when it returns from its summer recess on September 9, delaying any possible response to a chemical gas attackthat is believed to have killed hundreds of civilians last month.
Market sentiment found some support earlier in the day, after positive manufacturing data out of China added to hopes for a strong recovery in the world's second largest economy.
China’s final HSBC Purchasing Managers Index inched up to a four-month high of 50.1 in August, unchanged from a preliminary reading and up from 47.7 in July.
The upbeat data was published one day after a government report showed that China’s manufacturing purchasing managers' index climbed to a 16-month high of 51.0 in August from 50.3 in July, beating forecasts for 50.6.
The loonie was higher against the euro with EUR/CAD edging down 0.17%, to hit 1.3899.
In the euro zone, Markit research group said its final manufacturing PMI rose to 51.4 in August, from a reading of 51.3 the previous month, hitting the highest level since July 2011. Analysts had expected the index to remain unchanged last month.
Markit said Spain's manufacturing PMI rose to 51.1 in August, from a reading of 49.8 the previous month, hitting its highest level since April 2011. Analysts had expected the index to rise to 50.8 last month.
USD/CAD hit 1.0517 during early U.S. trade, the session low; the pair subsequently consolidated at 1.0524, easing 0.09%.
The pair was likely to find support at 1.0474, the low of August 28 and resistance at 1.0569, the high of August 23.
U.S. President Barack Obama launched a political offensive on Sunday to persuade Congress to approve a military strike against Syria, but faced a struggle to win over lawmakers from both parties.
Congress will only debate a Syria strike when it returns from its summer recess on September 9, delaying any possible response to a chemical gas attackthat is believed to have killed hundreds of civilians last month.
Market sentiment found some support earlier in the day, after positive manufacturing data out of China added to hopes for a strong recovery in the world's second largest economy.
China’s final HSBC Purchasing Managers Index inched up to a four-month high of 50.1 in August, unchanged from a preliminary reading and up from 47.7 in July.
The upbeat data was published one day after a government report showed that China’s manufacturing purchasing managers' index climbed to a 16-month high of 51.0 in August from 50.3 in July, beating forecasts for 50.6.
The loonie was higher against the euro with EUR/CAD edging down 0.17%, to hit 1.3899.
In the euro zone, Markit research group said its final manufacturing PMI rose to 51.4 in August, from a reading of 51.3 the previous month, hitting the highest level since July 2011. Analysts had expected the index to remain unchanged last month.
Markit said Spain's manufacturing PMI rose to 51.1 in August, from a reading of 49.8 the previous month, hitting its highest level since April 2011. Analysts had expected the index to rise to 50.8 last month.