Investing.com - The U.S. dollar was steady against its Canadian counterpart on Wednesday, following the release of slightly softer than expected U.S. data on durable goods orders.
USD/CAD hit 0.9977 during early U.S. trade, the pair’s highest since Monday; the pair subsequently consolidated at 0.9958, higher by 0.08%.
The pair was likely to find short-term support at 0.9946, the session low and resistance at 0.9998, Monday’s high.
The Commerce Department said durable goods orders rose 2.2% in February, partially reversing the previous months revised 3.6% decline, but fell short of expectations for a 3.0% increase.
Core durable goods orders, which exclude transportation, rose by a seasonally adjusted 1.6% in February, compared to expectations for a 1.5% gain.
The data came one day after Federal Reserve Chairman Ben Bernanke said that it was still too early to declare victory in the U.S. economic recovery, fanning speculation that the central bank may embark on a third round of monetary easing to shore up growth.
The Canadian dollar came under pressure from sharply lower oil prices, as crude oil contracts for delivery in May dropped 1.96% on the New York Mercantile Exchange to trade at USD105.22 a barrel.
Raw materials, including oil account for about half of Canada’s export revenue.
The loonie, as the Canadian dollar is also known, was fractionally higher against the euro, with EUR/CAD edging up 0.05% to hit 1.3251.
The euro remained supported ahead to a meeting of euro zone finance ministers on Friday, amid speculation that they would agree on a larger debt firewall to combat the debt crisis in the region.
USD/CAD hit 0.9977 during early U.S. trade, the pair’s highest since Monday; the pair subsequently consolidated at 0.9958, higher by 0.08%.
The pair was likely to find short-term support at 0.9946, the session low and resistance at 0.9998, Monday’s high.
The Commerce Department said durable goods orders rose 2.2% in February, partially reversing the previous months revised 3.6% decline, but fell short of expectations for a 3.0% increase.
Core durable goods orders, which exclude transportation, rose by a seasonally adjusted 1.6% in February, compared to expectations for a 1.5% gain.
The data came one day after Federal Reserve Chairman Ben Bernanke said that it was still too early to declare victory in the U.S. economic recovery, fanning speculation that the central bank may embark on a third round of monetary easing to shore up growth.
The Canadian dollar came under pressure from sharply lower oil prices, as crude oil contracts for delivery in May dropped 1.96% on the New York Mercantile Exchange to trade at USD105.22 a barrel.
Raw materials, including oil account for about half of Canada’s export revenue.
The loonie, as the Canadian dollar is also known, was fractionally higher against the euro, with EUR/CAD edging up 0.05% to hit 1.3251.
The euro remained supported ahead to a meeting of euro zone finance ministers on Friday, amid speculation that they would agree on a larger debt firewall to combat the debt crisis in the region.