Investing.com - The U.S. dollar was steady against its Canadian counterpart on Wednesday, as global growth concerns continued to weigh on market sentiment, while investors eyed fresh developments in the euro zone.
USD/CAD 0.9769 during early U.S. trade, the session low; the pair subsequently consolidated at 0.9782, slipping 0.02%.
The pair was likely to find support at 0.9745, Tuesday's low and resistance at 0.9812, the high of October 5.
Market participants remained cautious amid ongoing uncertainty over Spain’s position on requesting external financial aid and what form a bailout would take.
Earlier in the day, the International Monetary Fund said the crisis in the euro zone remains the greatest threat to the global economy and warned that policymakers need to urgently strengthen fiscal and financial ties within the euro area.
Meanwhile, concerns over whether international creditors will extend loans to Greece continued, as the country struggles to meet deficit reduction targets.
Elsewhere, the loonie was also steady against the euro with EUR/CAD dipping 0.01%, to hit 1.2602.
Also Wednesday, Italy saw yields rise at an auction of short-term government debt, reflecting investor nervousness over the risk of contagion from Spain.
Italy’s Treasury auctioned EUR8 billion of 12-month bonds at an average yield of 1.94% up from 1.69% previously and the highest level since mid-August.
Trade was expected to remain subdued on Wednesday, with no major economic data releases on the calendar.
USD/CAD 0.9769 during early U.S. trade, the session low; the pair subsequently consolidated at 0.9782, slipping 0.02%.
The pair was likely to find support at 0.9745, Tuesday's low and resistance at 0.9812, the high of October 5.
Market participants remained cautious amid ongoing uncertainty over Spain’s position on requesting external financial aid and what form a bailout would take.
Earlier in the day, the International Monetary Fund said the crisis in the euro zone remains the greatest threat to the global economy and warned that policymakers need to urgently strengthen fiscal and financial ties within the euro area.
Meanwhile, concerns over whether international creditors will extend loans to Greece continued, as the country struggles to meet deficit reduction targets.
Elsewhere, the loonie was also steady against the euro with EUR/CAD dipping 0.01%, to hit 1.2602.
Also Wednesday, Italy saw yields rise at an auction of short-term government debt, reflecting investor nervousness over the risk of contagion from Spain.
Italy’s Treasury auctioned EUR8 billion of 12-month bonds at an average yield of 1.94% up from 1.69% previously and the highest level since mid-August.
Trade was expected to remain subdued on Wednesday, with no major economic data releases on the calendar.