Investing.com - The U.S. dollar was little changed against the Canadian dollar on Monday as trade volumes in foreign exchange markets remained thin due to the summer holidays.
USD/CAD hit 1.0332 during early U.S. trade, the lowest since July 11; the pair subsequently consolidated at 1.0357, dipping 0.09%.
The pair was likely to find support at 1.0324, the low of July 11 and resistance at 1.0392, Friday’s high.
Demand for the greenback continued to be underpinned by expectations that the Federal Reserve will start to unwind its bond purchase program later this year.
Over the weekend, the Group of 20 nations stressed the need for a “careful” shift away from monetary easing so that market volatility does not negatively impact on the global recovery.
Finance ministers and central bankers from the G20 nations said Saturday that future changes to monetary policy should be “carefully calibrated and clearly communicated."
Elsewhere, the loonie as the Canadian dollar is also known, was lower against the euro, with EUR/CAD rising 0.25% to 1.3653.
The single currency was boosted on Monday as the yield on Portuguese 10-year bonds fell to 6.4% from 6.92% at the close of trade on Friday, after political leaders resolved a deadlock that had threatened to derail the country's EUR78 billion bailout program.
The U.S. was to release private sector data on existing home sales later in the trading day.
USD/CAD hit 1.0332 during early U.S. trade, the lowest since July 11; the pair subsequently consolidated at 1.0357, dipping 0.09%.
The pair was likely to find support at 1.0324, the low of July 11 and resistance at 1.0392, Friday’s high.
Demand for the greenback continued to be underpinned by expectations that the Federal Reserve will start to unwind its bond purchase program later this year.
Over the weekend, the Group of 20 nations stressed the need for a “careful” shift away from monetary easing so that market volatility does not negatively impact on the global recovery.
Finance ministers and central bankers from the G20 nations said Saturday that future changes to monetary policy should be “carefully calibrated and clearly communicated."
Elsewhere, the loonie as the Canadian dollar is also known, was lower against the euro, with EUR/CAD rising 0.25% to 1.3653.
The single currency was boosted on Monday as the yield on Portuguese 10-year bonds fell to 6.4% from 6.92% at the close of trade on Friday, after political leaders resolved a deadlock that had threatened to derail the country's EUR78 billion bailout program.
The U.S. was to release private sector data on existing home sales later in the trading day.