Investing.com – The U.S. dollar was up against its Canadian counterpart on Monday, as risk aversion continued to dominate market sentiment, spurring demand for the U.S. dollar as a safe haven.
USD/CAD hit 1.0234 during European afternoon trade, the daily high; the pair subsequently consolidated at 1.0219, gaining 0.03%.
The pair was likely to find support at 1.0083, last Friday’s low and resistance at 1.0263, the high of November 23.
Earlier in the day, official data showed that Canadian producer prices and raw materials prices rose more-than-expected in October.
Statistics Canada said the industrial product price index rose 0.5% in the month, beating market forecasts of a 0.3% gain and accumulating a 2.3% increase year-on-year. Raw materials prices rose 1.7% in October, beating estimates for a 0.9% gain on increases in mineral fuels, nonferrous metals and vegetable products.
The report said reduced supply from U.S. refineries helped boost petroleum and coal product prices in October by 4.5%.
Meanwhile, the loonie was up against the euro, with EUR/CAD tumbling 0.92% to hit 1.3405.
Also Monday, official data showed that Canada’s current account deficit widened more-than-expected in the third quarter, marking the eight consecutive quarter in deficit.
USD/CAD hit 1.0234 during European afternoon trade, the daily high; the pair subsequently consolidated at 1.0219, gaining 0.03%.
The pair was likely to find support at 1.0083, last Friday’s low and resistance at 1.0263, the high of November 23.
Earlier in the day, official data showed that Canadian producer prices and raw materials prices rose more-than-expected in October.
Statistics Canada said the industrial product price index rose 0.5% in the month, beating market forecasts of a 0.3% gain and accumulating a 2.3% increase year-on-year. Raw materials prices rose 1.7% in October, beating estimates for a 0.9% gain on increases in mineral fuels, nonferrous metals and vegetable products.
The report said reduced supply from U.S. refineries helped boost petroleum and coal product prices in October by 4.5%.
Meanwhile, the loonie was up against the euro, with EUR/CAD tumbling 0.92% to hit 1.3405.
Also Monday, official data showed that Canada’s current account deficit widened more-than-expected in the third quarter, marking the eight consecutive quarter in deficit.