Investing.com - The U.S. dollar held steady against the Canadian dollar on Wednesday, after official data showed that the number of housing starts in the U.S. rose less-than-expected in August, while building permits issued declined, adding to concerns over the U.S. housing sector.
USD/CAD hit 0.9758 during early U.S. trade, the session high; the pair subsequently consolidated at 0.9744, easing up 0.06%.
The pair was likely to find support at 0.9692, the low from September 17 and near-term resistance at 0.9764, Tuesday’s high.
Government data released earlier showed that U.S. housing starts rose by 2.3% in August to a seasonally adjusted 0.750 million, below expectations for a 2.85 increase to 0.765 million.
Housing starts for July were revised down to 0.733 million units from a previously reported 0.746 million units.
The report also showed that the number of building permits issued in August fell 1% to a seasonally adjusted 0.803 million, compared to expectations for a decline of 1.8% to 0.796 million.
Building permits issued in July totaled 0.811 million units.
Meanwhile, the loonie, as the Canadian dollar is also known, was higher against the euro, with EUR/CAD dipping 0.13% to trade at 1.2697.
The euro came under pressure after reports surfaced that some German lawmakers are seeking to water down proposals for a European banking union and supervision of euro zone banks by the European Central Bank.
Dow Jones Newswires reported that the German government not only wants a strict separation of bank supervision and monetary policy in Europe, but also favors a separate bank-supervision body that would give large countries more votes.
Sentiment on the euro remained vulnerable amid reports Spanish Prime Minister Mariano Rajoy is uncertain about asking for help from the European Central Bank's new bond-purchasing program, which would mean signing up to a permanent bailout fund.
USD/CAD hit 0.9758 during early U.S. trade, the session high; the pair subsequently consolidated at 0.9744, easing up 0.06%.
The pair was likely to find support at 0.9692, the low from September 17 and near-term resistance at 0.9764, Tuesday’s high.
Government data released earlier showed that U.S. housing starts rose by 2.3% in August to a seasonally adjusted 0.750 million, below expectations for a 2.85 increase to 0.765 million.
Housing starts for July were revised down to 0.733 million units from a previously reported 0.746 million units.
The report also showed that the number of building permits issued in August fell 1% to a seasonally adjusted 0.803 million, compared to expectations for a decline of 1.8% to 0.796 million.
Building permits issued in July totaled 0.811 million units.
Meanwhile, the loonie, as the Canadian dollar is also known, was higher against the euro, with EUR/CAD dipping 0.13% to trade at 1.2697.
The euro came under pressure after reports surfaced that some German lawmakers are seeking to water down proposals for a European banking union and supervision of euro zone banks by the European Central Bank.
Dow Jones Newswires reported that the German government not only wants a strict separation of bank supervision and monetary policy in Europe, but also favors a separate bank-supervision body that would give large countries more votes.
Sentiment on the euro remained vulnerable amid reports Spanish Prime Minister Mariano Rajoy is uncertain about asking for help from the European Central Bank's new bond-purchasing program, which would mean signing up to a permanent bailout fund.