Investing.com - The U.S. dollar pared losses against the Canadian dollar on Monday as investors’ awaited U.S. manufacturing data later in the session.
USD/CAD pulled back from 1.0334, the session low, to hit 1.0359 during early U.S. trade, still down 0.08% for the day.
The pair was likely to find support at 1.0323, the low of May 28 and resistance at 1.0406, the high of the same day.
Investors remained cautious ahead of a report from the Institute of Supply Management on the U.S. manufacturing sector amid ongoing speculation over whether the Federal Reserve will scale back its USD85 billion-a-month asset purchase program later this year.
Meanwhile, data from China painted a mixed picture of the world’s second largest economy.
Official data on Sunday showed that China’s manufacturing PMI to rose to 50.8 in May from 50.6 in April.
However a report on Monday showed that China’s final HSBC PMI fell to 49.2 in May from a flash reading of 49.6 and down from 50.4 in April.
The loonie, as the Canadian dollar is also known, was higher against the euro, with EUR/CAD down 0.29% to 1.3436.
The euro weakened as better-than-expected euro zone manufacturing data dampened expectations for more easing measures by the European Central Bank later in the week.
The euro had been broadly higher earlier after data showed that May’s manufacturing purchasing managers’ index improved to 48.3 from 47.8 in April.
USD/CAD pulled back from 1.0334, the session low, to hit 1.0359 during early U.S. trade, still down 0.08% for the day.
The pair was likely to find support at 1.0323, the low of May 28 and resistance at 1.0406, the high of the same day.
Investors remained cautious ahead of a report from the Institute of Supply Management on the U.S. manufacturing sector amid ongoing speculation over whether the Federal Reserve will scale back its USD85 billion-a-month asset purchase program later this year.
Meanwhile, data from China painted a mixed picture of the world’s second largest economy.
Official data on Sunday showed that China’s manufacturing PMI to rose to 50.8 in May from 50.6 in April.
However a report on Monday showed that China’s final HSBC PMI fell to 49.2 in May from a flash reading of 49.6 and down from 50.4 in April.
The loonie, as the Canadian dollar is also known, was higher against the euro, with EUR/CAD down 0.29% to 1.3436.
The euro weakened as better-than-expected euro zone manufacturing data dampened expectations for more easing measures by the European Central Bank later in the week.
The euro had been broadly higher earlier after data showed that May’s manufacturing purchasing managers’ index improved to 48.3 from 47.8 in April.