Investing.com - The U.S. dollar pared losses against its Canadian counterpart on Tuesday, retreating from a one-week low following a significantly larger-than-forecast drop in U.S. durable-goods orders for January.
USD/CAD pulled back from 0.9940, the pair’s lowest since February 21, to hit 0.9974 during early U.S. trade, still down 0.16%.
The pair was likely to find support at 0.9924, the low of February 21 and resistance at 1.0019, the high of February 22.
The U.S. Commerce Department said orders for long lasting manufactured goods fell by the most in three years in January.
Durable goods orders dropped 4.0% after rising by 2.1% in December, far worse than forecasts for a 0.8% decline.
Core durable goods orders, which excludes transportation items, tumbled by a seasonally adjusted 3.2% in January, confounding expectations for a flat reading.
A separate report showed that U.S. home prices fell more-than-expected in December, declining for the 18th consecutive month.
The weak manufacturing data sent oil prices lower, with crude oil contracts for delivery in April shedding 0.43% on the New York Mercantile Exchange, to trade at USD108.09 a barrel.
Raw materials, including oil account for about half of Canada’s export revenue.
But market sentiment remained supported as investors looked ahead to Wednesday's launch of the European Central Bank’s second three-year long-term refinancing operation, after a similar liquidity injection in December averted a credit crunch and eased pressure on peripheral euro zone bond markets.
The loonie, as the Canadian dollar is sometimes known, was fractionally lower against the euro, with EUR/CAD easing up 0.08% to hit 1.3396.
Later in the day, the Conference Board was to release a report on U.S. consumer confidence.
USD/CAD pulled back from 0.9940, the pair’s lowest since February 21, to hit 0.9974 during early U.S. trade, still down 0.16%.
The pair was likely to find support at 0.9924, the low of February 21 and resistance at 1.0019, the high of February 22.
The U.S. Commerce Department said orders for long lasting manufactured goods fell by the most in three years in January.
Durable goods orders dropped 4.0% after rising by 2.1% in December, far worse than forecasts for a 0.8% decline.
Core durable goods orders, which excludes transportation items, tumbled by a seasonally adjusted 3.2% in January, confounding expectations for a flat reading.
A separate report showed that U.S. home prices fell more-than-expected in December, declining for the 18th consecutive month.
The weak manufacturing data sent oil prices lower, with crude oil contracts for delivery in April shedding 0.43% on the New York Mercantile Exchange, to trade at USD108.09 a barrel.
Raw materials, including oil account for about half of Canada’s export revenue.
But market sentiment remained supported as investors looked ahead to Wednesday's launch of the European Central Bank’s second three-year long-term refinancing operation, after a similar liquidity injection in December averted a credit crunch and eased pressure on peripheral euro zone bond markets.
The loonie, as the Canadian dollar is sometimes known, was fractionally lower against the euro, with EUR/CAD easing up 0.08% to hit 1.3396.
Later in the day, the Conference Board was to release a report on U.S. consumer confidence.