Investing.com - The U.S. dollar was hovering near one-week highs against its Canadian counterpart on Tuesday, after the release of positive data and as speculation surrounding the future head of the Federal Reserve supported the greenback.
USD/CAD was up 0.21% at 1.2544 by 09:30 a.m. ET (13:30 GMT), just off a one-week high of 1.2553 hit earlier in the day.
The U.S. dollar found support after data showed that industrial and manufacturing production in the U.S. rose in line with expectations last month.
A separate report showed that U.S. import and export prices jumped higher than expected in September.
The greenback had already strengthened following a report that U.S. President Donald Trump was favoring Stanford economist John Taylor, seen as more hawkish than current Chair Janet Yellen, to head the Fed.
Trump is also due to meet with Yellen later in the week as part of his search for a new candidate for her position, a source familiar with plans for the meeting said.
Market participants are also keeping an eye on current Fed Governor Jerome Powell and former Fed official Kevin Warsh as potential candidates to succeed Yellen when her term ends in February.
The loonie was higher against the euro, with EUR/CAD shedding 0.20% to 1.4736.