Investing.com - The Canadian dollar fell against its U.S. counterpart on Monday on growing hopes that an improving U.S. economy will bolster the country's export sector and offset weaker demand elsewhere.
In Asian trading on Monday, USD/CAD hit 0.9902, up 0.11%, gaining from a session low of 0.9886 and off from a high of 0.9908.
The pair was likely to test technical support at 0.9882 and resistance at 0.9918.
While China reported a lower-than-expected 7.5% gross domestic product target for 2012, the U.S. economy continues to appear to be on more solid footing.
Plus oil prices will remain high, which will benefit the Canadian currency.
The Canadian dollar, meanwhile, was down against the euro and down against the yen, with EUR/CAD gaining 0.05% and trading at 1.3065 and CAD/JPY down 0.24% at 82.50.
Later Monday, the U.S. is to produce government data on factory orders, while the Institute of Supply Management is to release a report on service sector growth.
In Asian trading on Monday, USD/CAD hit 0.9902, up 0.11%, gaining from a session low of 0.9886 and off from a high of 0.9908.
The pair was likely to test technical support at 0.9882 and resistance at 0.9918.
While China reported a lower-than-expected 7.5% gross domestic product target for 2012, the U.S. economy continues to appear to be on more solid footing.
Plus oil prices will remain high, which will benefit the Canadian currency.
The Canadian dollar, meanwhile, was down against the euro and down against the yen, with EUR/CAD gaining 0.05% and trading at 1.3065 and CAD/JPY down 0.24% at 82.50.
Later Monday, the U.S. is to produce government data on factory orders, while the Institute of Supply Management is to release a report on service sector growth.