Investing.com - The U.S. dollar was steady against its Canadian counterpart on Friday, hovering close to more than four-month highs, although data showing that Canada's economy expanded faster than expected in September supported demand for the loonie.
USD/CAD hit 1.0600 during early U.S. trade, the session high; the pair subsequently consolidated at 1.0586, easing up 0.06%.
The pair was likely to find support at 1.0521, the low of November 26 and resistance at 1.0609, the high of July 5 and a multi-month high.
In a report, Statistics Canada said the country's gross domestic product rose 0.3% in September, exceeding expectations for a 0.1% increase, after a 0.3% rise in August.
During the third quarter, Canada's GDP expanded 0.7%, following 0.4% growth in the three months to June.
The loonie was fractionally lower against the euro, with EUR/CAD edging up 0.07% to hit 1.4408.
In the euro zone, preliminary data showed that the annual rate of inflation rose to 0.9% in November, from October’s four year low of 0.7%, exceeding expectations for a rise to 0.8%.
A separate report showed that the unemployment rate in the single currency bloc ticked down to 12.1% last month, from 12.2% in September. Analysts had expected the unemployment rate to remain unchanged in October.
The data came after a report showed that German retail sales fell 0.8% last month, confounding expectations for a 0.5% rise, after a 0.2% slip in September.
USD/CAD hit 1.0600 during early U.S. trade, the session high; the pair subsequently consolidated at 1.0586, easing up 0.06%.
The pair was likely to find support at 1.0521, the low of November 26 and resistance at 1.0609, the high of July 5 and a multi-month high.
In a report, Statistics Canada said the country's gross domestic product rose 0.3% in September, exceeding expectations for a 0.1% increase, after a 0.3% rise in August.
During the third quarter, Canada's GDP expanded 0.7%, following 0.4% growth in the three months to June.
The loonie was fractionally lower against the euro, with EUR/CAD edging up 0.07% to hit 1.4408.
In the euro zone, preliminary data showed that the annual rate of inflation rose to 0.9% in November, from October’s four year low of 0.7%, exceeding expectations for a rise to 0.8%.
A separate report showed that the unemployment rate in the single currency bloc ticked down to 12.1% last month, from 12.2% in September. Analysts had expected the unemployment rate to remain unchanged in October.
The data came after a report showed that German retail sales fell 0.8% last month, confounding expectations for a 0.5% rise, after a 0.2% slip in September.