Investing.com - The Canadian dollar fell against its U.S. counterpart early Monday as investors snapped up nicely priced greenback positions after poor consumer sentiment figures had sent the U.S. currency falling enough.
In Asian trading on Monday, USD/CAD hit 1.0149, up 0.10%, up from a low of 1.0140 and off a high of 1.0150.
The pair sought to test support at 1.0130, the low of July 13, and resistance at 1.0173, the high of July 3.
The dollar rose against many major currencies early Monday on demand from bottom fishers.
Poor consumer sentiment figures on Friday sent the unit falling by stoking sentiment the Federal Reserve will jolt the U.S. economy via easing measures that weaken the dollar to spur recovery.
In the U.S., the Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment fell to 72.0 in July from 73.2 in June.
Analysts were expecting a 73.4 reading.
Soft Chinese growth figures last week sparked talk Beijing will move to loosen monetary policy in the near future as well, which further weakened the dollar.
The Canadian dollar, meanwhile, rose against the greenback in past sessions to levels ripe for profit-taking in Asian trading early Monday.
The Canadian dollar, meanwhile, was up against the euro and down against the yen, with EUR/CAD down 0.02% and trading at 1.2416 and CAD/JPY down 0.18% at 77.96.
Later Monday, the U.S. will publish retail sales data, the foremost indicator of consumer spending, which accounts for the bulk of the country's total economic output.
The U.S. is also to release official data on business inventories and manufacturing activity in New York.
In Asian trading on Monday, USD/CAD hit 1.0149, up 0.10%, up from a low of 1.0140 and off a high of 1.0150.
The pair sought to test support at 1.0130, the low of July 13, and resistance at 1.0173, the high of July 3.
The dollar rose against many major currencies early Monday on demand from bottom fishers.
Poor consumer sentiment figures on Friday sent the unit falling by stoking sentiment the Federal Reserve will jolt the U.S. economy via easing measures that weaken the dollar to spur recovery.
In the U.S., the Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment fell to 72.0 in July from 73.2 in June.
Analysts were expecting a 73.4 reading.
Soft Chinese growth figures last week sparked talk Beijing will move to loosen monetary policy in the near future as well, which further weakened the dollar.
The Canadian dollar, meanwhile, rose against the greenback in past sessions to levels ripe for profit-taking in Asian trading early Monday.
The Canadian dollar, meanwhile, was up against the euro and down against the yen, with EUR/CAD down 0.02% and trading at 1.2416 and CAD/JPY down 0.18% at 77.96.
Later Monday, the U.S. will publish retail sales data, the foremost indicator of consumer spending, which accounts for the bulk of the country's total economic output.
The U.S. is also to release official data on business inventories and manufacturing activity in New York.