Investing.com - The U.S. dollar was lower against the Canadian dollar on Friday as investors took profits following the greenback’s recent gains on the back of concerns over the impact of a four-day old U.S. government shutdown.
USD/CAD ended Friday’s session at 1.0295, down 0.35% for the day, after rising as high as 1.0355 on Wednesday. For the week, the pair lost 0.26%.
The pair is likely to find support at 1.0260, the low of September 20 and resistance at 1.0355, Wednesday’s high.
Investor sentiment remained cautious amid concerns that the first U.S. government shutdown for 17 years would derail the fragile economic recovery and prompt the Federal Reserve to maintain its stimulus program for longer.
Markets were also mulling over how the political impasse in Washington will impact on negotiations to raise the U.S. debt ceiling, which the U.S. Treasury Department has estimated will be reached by October 17.
House Republican Leader John Boehner said Friday the House will not vote on a budget bill without conditions and demanded spending cuts in exchange for raising the government's borrowing limit.
The shutdown meant that Friday’s scheduled release of the U.S. nonfarm payrolls report for September was postponed and no new date was given for the release of the data.
In Canada, data on Friday showed that the Ivey Purchasing Managers Index rose to 51.9 in September from 51.0 in August, but came in below expectations for a reading of 53.0.
The report showed that the employment component of the index rose to 53.5 in September from 43.6 the month before.
In the week ahead, investors will continue to closely monitor political developments in Washington.
Delays in U.S. economic data releases look likely to fuel uncertainty over whether the Federal Reserve will hold off on any move to roll back its USD85 billion a month asset purchase program.
Canada is to release data on building permits, trade and employment.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Wednesday and Thursday as there are no relevant events on these days.
Monday, October 7
Canada is to publish government data on building permits, a leading indicator of future construction activity.
Tuesday, October 8
Canada is to release data on the trade balance, the difference in value between imports and exports.
Friday, October 11
Canada is to round up the week with data on the change in the number of people employed and the unemployment rate.
USD/CAD ended Friday’s session at 1.0295, down 0.35% for the day, after rising as high as 1.0355 on Wednesday. For the week, the pair lost 0.26%.
The pair is likely to find support at 1.0260, the low of September 20 and resistance at 1.0355, Wednesday’s high.
Investor sentiment remained cautious amid concerns that the first U.S. government shutdown for 17 years would derail the fragile economic recovery and prompt the Federal Reserve to maintain its stimulus program for longer.
Markets were also mulling over how the political impasse in Washington will impact on negotiations to raise the U.S. debt ceiling, which the U.S. Treasury Department has estimated will be reached by October 17.
House Republican Leader John Boehner said Friday the House will not vote on a budget bill without conditions and demanded spending cuts in exchange for raising the government's borrowing limit.
The shutdown meant that Friday’s scheduled release of the U.S. nonfarm payrolls report for September was postponed and no new date was given for the release of the data.
In Canada, data on Friday showed that the Ivey Purchasing Managers Index rose to 51.9 in September from 51.0 in August, but came in below expectations for a reading of 53.0.
The report showed that the employment component of the index rose to 53.5 in September from 43.6 the month before.
In the week ahead, investors will continue to closely monitor political developments in Washington.
Delays in U.S. economic data releases look likely to fuel uncertainty over whether the Federal Reserve will hold off on any move to roll back its USD85 billion a month asset purchase program.
Canada is to release data on building permits, trade and employment.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Wednesday and Thursday as there are no relevant events on these days.
Monday, October 7
Canada is to publish government data on building permits, a leading indicator of future construction activity.
Tuesday, October 8
Canada is to release data on the trade balance, the difference in value between imports and exports.
Friday, October 11
Canada is to round up the week with data on the change in the number of people employed and the unemployment rate.