Investing.com - The U.S. dollar was lower against its Canadian counterpart on Tuesday, after the release of positive data on raw materials prices from Canada and as Monday's disappointing U.S. economic reports continued to weigh.
USD/CAD hit 1.2502 during early U.S. trade, the pair's lowest since January 29; the pair subsequently consolidated at 1.2543, sliding 0.20%.
The pair was likely to find support at 1.2382, the low of January 28 and resistance at 1.2771, Monday's high.
In a report, Statistics Canada said that raw materials price inflation fell 7.6% in December, compared to expectations for a 8.8% drop. November's figure was revised to a 5.7% slide from a previously estimated 5.8% decline.
Sentiment on the greenback remained vulnerable after data on Monday showed that U.S. consumer spending fell at the fastest rate since September 2009 in December, dropping 0.3% as households saved on cheaper gasoline prices.
Separate reports showed that U.S. construction spending rose less than expected in December, while manufacturing growth slowed.
Meanwhile, market sentiment mildly improved after the Greek government outlined its plans to renegotiate the terms of its bailout with its creditors, retreating from demands for a debt writedown.
Greek Finance Minister Yanis Varoufakis has outlined a “menu of debt swaps” to ease the burden of the country’s debt, under which creditors would swap outstanding debt for new growth-linked bonds.
The loonie was lower against the euro, with EUR/CAD climbing 0.55% to 1.4330.
Later in the day, the U.S. was to release data on factory orders.