Investing.com - The U.S. dollar rose against its Canadian counterpart on Monday, as expectations for further reductions in stimulus by the Federal Reserve still supported to the greenback ahead of U.S. economic reports, to be released later in the day.
USD/CAD hit 1.0681 during early U.S. trade, the pair's highest since December 30; the pair subsequently consolidated at 1.0676, gaining 0.38%.
The pair was likely to find support at 1.0609, the session low and resistance at 1.0728, the high of December 30.
The greenback remained supported after comments from outgoing Federal Reserve Chairman Ben Bernanke boosted the outlook for the U.S. economy.
On Friday, Bernanke said the U.S. economy should continue to improve in 2014, but added that the recovery remains incomplete.
In Canada, official data showed that raw materials price inflation dropped 4.1% in November, more than the expected 2% decline, after a 2.3% fall the previous month.
The loonie was also lower against the euro, with EUR/CAD advancing 0.54% to 1.4530.
In the euro zone, data showed that the bloc’s services purchasing managers’ index came in at 51.0 in December, unchanged from the preliminary estimate and down slightly from 51.2 in November.
Separate reports showed that activity in Spain’s private sector expanded at the fastest rate in 77 months, but activity in France and Italy contracted last month.
USD/CAD hit 1.0681 during early U.S. trade, the pair's highest since December 30; the pair subsequently consolidated at 1.0676, gaining 0.38%.
The pair was likely to find support at 1.0609, the session low and resistance at 1.0728, the high of December 30.
The greenback remained supported after comments from outgoing Federal Reserve Chairman Ben Bernanke boosted the outlook for the U.S. economy.
On Friday, Bernanke said the U.S. economy should continue to improve in 2014, but added that the recovery remains incomplete.
In Canada, official data showed that raw materials price inflation dropped 4.1% in November, more than the expected 2% decline, after a 2.3% fall the previous month.
The loonie was also lower against the euro, with EUR/CAD advancing 0.54% to 1.4530.
In the euro zone, data showed that the bloc’s services purchasing managers’ index came in at 51.0 in December, unchanged from the preliminary estimate and down slightly from 51.2 in November.
Separate reports showed that activity in Spain’s private sector expanded at the fastest rate in 77 months, but activity in France and Italy contracted last month.