Investing.com – The U.S. dollar was down against its Canadian counterpart on Wednesday, as markets awaited developments from a critical European Union summit and ahead of the Bank of Canada’s monetary policy review.
USD/CAD hit 1.0074 during early U.S. trade, the daily low; the pair subsequently consolidated at 1.0093, tumbling 0.72%.
The pair was likely to find support at 0.9990, Tuesday’s low and a five-week low and resistance at 1.0212, Tuesday’s high.
Investors were awaiting the outcome of an EU summit where leaders pledged to reach an agreement on a comprehensive plan to tackle the debt crisis in the euro zone.
Later in the day, the BoC was to update its forecasts for the economy. On Tuesday, the central bank left its overnight cash rate unchanged at 1.00%, citing increased risks to the global economy.
The greenback was broadly unchanged after government data showed that orders for long lasting manufactured goods fell more-than-expected in September, declining for the second successive month.
The Commerce Department said durable goods orders declined by a seasonally adjusted 0.8%, after falling by 0.1% in August and surpassing expectations for a 0.7% decline.
But core durable goods orders, which excludes transportation items, jumped by a seasonally adjusted 1.7% in September, blowing past expectations for a 0.5% increase.
The Canadian dollar was also sharply higher against the euro, with EUR/CAD tumbling 0.82% to hit 1.4024.
Later Wednesday, BoC Governor Mark Carney was to speak, while the U.S. was to release official data on new home sales and crude oil stockpiles.
USD/CAD hit 1.0074 during early U.S. trade, the daily low; the pair subsequently consolidated at 1.0093, tumbling 0.72%.
The pair was likely to find support at 0.9990, Tuesday’s low and a five-week low and resistance at 1.0212, Tuesday’s high.
Investors were awaiting the outcome of an EU summit where leaders pledged to reach an agreement on a comprehensive plan to tackle the debt crisis in the euro zone.
Later in the day, the BoC was to update its forecasts for the economy. On Tuesday, the central bank left its overnight cash rate unchanged at 1.00%, citing increased risks to the global economy.
The greenback was broadly unchanged after government data showed that orders for long lasting manufactured goods fell more-than-expected in September, declining for the second successive month.
The Commerce Department said durable goods orders declined by a seasonally adjusted 0.8%, after falling by 0.1% in August and surpassing expectations for a 0.7% decline.
But core durable goods orders, which excludes transportation items, jumped by a seasonally adjusted 1.7% in September, blowing past expectations for a 0.5% increase.
The Canadian dollar was also sharply higher against the euro, with EUR/CAD tumbling 0.82% to hit 1.4024.
Later Wednesday, BoC Governor Mark Carney was to speak, while the U.S. was to release official data on new home sales and crude oil stockpiles.