Investing.com - The U.S. dollar was slightly lower against the Canadian dollar on Monday, after better-than-expected U.S. retail sales data boosted risk appetite, but uncertainty over a bailout for Spain tempered risk appetite.
USD/CAD hit 0.9770 during early U.S. trade, the session low; the pair subsequently consolidated at 0.9778, sliding 0.19%.
The pair was likely to find support at 0.9734, the low of October 5 and resistance at 0.9833, the high of October 11.
The Commerce Department said U.S. retail sales rose by a seasonally adjusted 1.1% in September, beating expectations for a 0.8% increase.
Retail sales in August were revised up to a 1.2% gain from a previously reported increase of 0.9%.
Core retail sales, which exclude automobile sales, rose by 1.1%, outstripping expectations for a 0.6% increase.
A separate report showed that the New York Federal Reserve’s index of manufacturing conditions improved to minus 6.2 in October from minus 10.4 the previous month, but remained in contraction territory for the third consecutive month.
Investors remained cautious after Spain did not request a bailout over the weekend, disappointing some market expectations and a request is now seen as increasingly unlikely ahead of regional elections on October 21.
Elsewhere in the euro zone, uncertainty over when Greece will receive its next tranche of financial aid remained a source of concern.
The loonie, as the Canadian dollar is also known, was slightly higher against the euro, with EUR/CAD slipping 0.11% to 1.2674.
Investors were looking ahead to the Bank of Canada’s business outlook survey later in the session, while BoC Governor Mark Carney was to deliver a speech followed by a press conference in Vancouver.
USD/CAD hit 0.9770 during early U.S. trade, the session low; the pair subsequently consolidated at 0.9778, sliding 0.19%.
The pair was likely to find support at 0.9734, the low of October 5 and resistance at 0.9833, the high of October 11.
The Commerce Department said U.S. retail sales rose by a seasonally adjusted 1.1% in September, beating expectations for a 0.8% increase.
Retail sales in August were revised up to a 1.2% gain from a previously reported increase of 0.9%.
Core retail sales, which exclude automobile sales, rose by 1.1%, outstripping expectations for a 0.6% increase.
A separate report showed that the New York Federal Reserve’s index of manufacturing conditions improved to minus 6.2 in October from minus 10.4 the previous month, but remained in contraction territory for the third consecutive month.
Investors remained cautious after Spain did not request a bailout over the weekend, disappointing some market expectations and a request is now seen as increasingly unlikely ahead of regional elections on October 21.
Elsewhere in the euro zone, uncertainty over when Greece will receive its next tranche of financial aid remained a source of concern.
The loonie, as the Canadian dollar is also known, was slightly higher against the euro, with EUR/CAD slipping 0.11% to 1.2674.
Investors were looking ahead to the Bank of Canada’s business outlook survey later in the session, while BoC Governor Mark Carney was to deliver a speech followed by a press conference in Vancouver.