Investing.com – The U.S. dollar bounced back above parity with its Canadian counterpart on Wednesday after official data showed that the value of Canadian building permits unexpectedly fell in February.
USD/CAD hit 1.0037 in the wake of the data, a daily high; the pair subsequently consolidated around 1.0022, advancing 0.06%. USD/CAD was likely to find support around 0.9823, the low of May 29, 2008, and resistance at 1.0303, the high of March 26.
Earlier in the day, Canada's statistics agency said building permits slid 0.5% in the month to CAD 5.7 billion. Economists had expected a 2% increase.
The loonie also fell versus the yen, with CAD/JPY dropping 0.18% to reach 93.48.
The United States, meanwhile, was scheduled to publish a report on crude oil inventories, which is watched closely in Canada due to the country's sizable energy sector.
USD/CAD hit 1.0037 in the wake of the data, a daily high; the pair subsequently consolidated around 1.0022, advancing 0.06%. USD/CAD was likely to find support around 0.9823, the low of May 29, 2008, and resistance at 1.0303, the high of March 26.
Earlier in the day, Canada's statistics agency said building permits slid 0.5% in the month to CAD 5.7 billion. Economists had expected a 2% increase.
The loonie also fell versus the yen, with CAD/JPY dropping 0.18% to reach 93.48.
The United States, meanwhile, was scheduled to publish a report on crude oil inventories, which is watched closely in Canada due to the country's sizable energy sector.