Investing.com – The U.S. dollar pared losses against its Canadian counterpart on Wednesday, after official data showed that Canadian wholesale sales fell unexpectedly in May.
USD/CAD hit 1.0375 during European afternoon trade, shedding 0.56%; after clawing back up from a daily low and a 4-day low of 1.0350.
The pair was likely to find support at 1.0277, the low of July 15 and resistance at 1.0585, Tuesday's high.
Earlier in the day, Statistics Canada said wholesale sales fell 0.1% in May, after declining 0.3% in April.
Analysts had expected wholesale sales to rise 0.4% in May.
The report said the decline was due to a sharp decline in the agricultural supplies industry, which plunged 29.5% in May, as poor weather in Western Canada resulted in lower farm demand for fertilizer and seeds.
The Loonie was also up against the euro, with EUR/CAD tumbling 1.04% to hit 1.3296.
Later in the day, U.S. Federal Reserve Chairman Ben Bernanke was to give his semi-annual report on the economy to the Senate Banking Committee.
USD/CAD hit 1.0375 during European afternoon trade, shedding 0.56%; after clawing back up from a daily low and a 4-day low of 1.0350.
The pair was likely to find support at 1.0277, the low of July 15 and resistance at 1.0585, Tuesday's high.
Earlier in the day, Statistics Canada said wholesale sales fell 0.1% in May, after declining 0.3% in April.
Analysts had expected wholesale sales to rise 0.4% in May.
The report said the decline was due to a sharp decline in the agricultural supplies industry, which plunged 29.5% in May, as poor weather in Western Canada resulted in lower farm demand for fertilizer and seeds.
The Loonie was also up against the euro, with EUR/CAD tumbling 1.04% to hit 1.3296.
Later in the day, U.S. Federal Reserve Chairman Ben Bernanke was to give his semi-annual report on the economy to the Senate Banking Committee.