Investing.com – The U.S. dollar trimmed losses against its Canadian counterpart on Wednesday, pulling back from the daily low despite the release of worse-than-expected U.S. data on inflation and building permits.
USD/CAD hit 1.0194 during European afternoon trade, the daily low; the pair subsequently consolidated at 1.0208, shedding 0.14%.
The pair was likely to find support at 1.0069, Tuesday’s low and resistance at 1.0285, the high of October 28.
Earlier in the day, official U.S. data showed that core consumer price inflation, which excludes food and energy costs was unexpectedly flat in October, unchanged from the previous month. Analysts had expected core consumer prices to rise by 0.1% in October.
Consumer prices including food and energy costs rose less-than-expected in October, increasing by 0.2%, after rising by 0.1% in September. Analysts had expected consumer price inflation to rise by 0.3% in October.
Elsewhere, a separate report showed that the number of building permits issued in the U.S. rose less-than-expected in October while housing starts fell more-than-expected
Meanwhile, the loonie was down against the euro with EUR/CAD climbing 0.17% to hit 1.3818.
Also Wednesday, Chinese media outlets reported that the country’s cabinet was planning to implement food price controls and other measures to preventing the economy from overheating, while speculation mounted that the country could also raise its benchmark interest rate as early as Friday.
USD/CAD hit 1.0194 during European afternoon trade, the daily low; the pair subsequently consolidated at 1.0208, shedding 0.14%.
The pair was likely to find support at 1.0069, Tuesday’s low and resistance at 1.0285, the high of October 28.
Earlier in the day, official U.S. data showed that core consumer price inflation, which excludes food and energy costs was unexpectedly flat in October, unchanged from the previous month. Analysts had expected core consumer prices to rise by 0.1% in October.
Consumer prices including food and energy costs rose less-than-expected in October, increasing by 0.2%, after rising by 0.1% in September. Analysts had expected consumer price inflation to rise by 0.3% in October.
Elsewhere, a separate report showed that the number of building permits issued in the U.S. rose less-than-expected in October while housing starts fell more-than-expected
Meanwhile, the loonie was down against the euro with EUR/CAD climbing 0.17% to hit 1.3818.
Also Wednesday, Chinese media outlets reported that the country’s cabinet was planning to implement food price controls and other measures to preventing the economy from overheating, while speculation mounted that the country could also raise its benchmark interest rate as early as Friday.