Investing.com - The U.S. dollar fell to a one-week low against its Canadian counterpart on Monday, as traders locked in gains on the greenback following its recent rally, although disappointing housing data from Canada weighed.
USD/CAD hit 1.1300 during early U.S. trade, the pair's lowest since November 3; the pair subsequently consolidated at 1.1310, slipping 0.16%.
The pair was likely to find support at 1.1261, the low of November 3 and resistance at 1.1446, the high of November 6.
The Labor Department reported on Friday that the U.S. economy added 214,000 jobs in October, missing expectations for jobs growth of 231,000.
September’s figure was revised up to 256,000 from a previously reported 248,000 and August’s figure was also revised up to 203,000 from 180,000 pointing to underlying strength in the labor market.
The U.S. unemployment rate ticked down to a fresh six-year low of 5.8% from 5.9% in September.
The data prompted investors to sell the greenback to lock in gains following its recent rally, but did little to alter expectations that the Federal Reserve will raise interest rates ahead of its other major peers.
In Canada, data showed that housing starts fell to 183,600 units in October from 197,400 units in September, whose figure was revised from a previously estimated 197,000.
Analysts had expected housing starts to rise to 200,000 units last month.
The loonie was steady against the euro, with EUR/CAD inching down 0.02% to 1.4106.
In the euro zone, data showed that Italian industrial production fell 0.9% from a month earlier in September, compared to expectations for a 0.2% gain.
The weak data fuelled fears that Friday's report on third quarter growth will show that Italy has fallen back into a recession after the economy contracted by 0.2% in the second quarter.