Investing.com - The U.S. dollar trimmed losses against its Canadian counterpart on Wednesday, after data showed that Canadian building permits rose less than expected in September.
USD/CAD hit 1.0417 during early U.S. trade, the pair's daily low; the pair subsequently consolidated at 1.0443, down 0.11%.
The pair was likely to find support at 1.0415, Tuesday's low and resistance at 1.0489, the high of October 31.
The Canadian dollar pared gains after Statistic Canada said the number of new building permits issued in September increased by a seasonally adjusted 1.7%, below expectations for a gain of 6%.
August’s figure was revised to a 20% drop from a previously reported decline of 21.2%.
Market players now looked ahead to the release of key U.S. economic data later in the week to help assess the timing for a reduction in the Federal Reserve’s bond-purchasing program.
The U.S. is set to release preliminary data on third quarter economic growth on Thursday, while October’s highly-anticipated nonfarm payrolls report is scheduled for Friday.
Elsewhere, the loonie was lower against the euro with EUR/CAD adding 0.18%, to hit 1.4113.
The euro was boosted after upbeat German factory data offset concerns over possible rate cuts by the European Central Bank in the coming months
USD/CAD hit 1.0417 during early U.S. trade, the pair's daily low; the pair subsequently consolidated at 1.0443, down 0.11%.
The pair was likely to find support at 1.0415, Tuesday's low and resistance at 1.0489, the high of October 31.
The Canadian dollar pared gains after Statistic Canada said the number of new building permits issued in September increased by a seasonally adjusted 1.7%, below expectations for a gain of 6%.
August’s figure was revised to a 20% drop from a previously reported decline of 21.2%.
Market players now looked ahead to the release of key U.S. economic data later in the week to help assess the timing for a reduction in the Federal Reserve’s bond-purchasing program.
The U.S. is set to release preliminary data on third quarter economic growth on Thursday, while October’s highly-anticipated nonfarm payrolls report is scheduled for Friday.
Elsewhere, the loonie was lower against the euro with EUR/CAD adding 0.18%, to hit 1.4113.
The euro was boosted after upbeat German factory data offset concerns over possible rate cuts by the European Central Bank in the coming months