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The U.S. dollar slipped lower against its Canadian counterpart on Monday, but remained within close distance of a one-month high after data showed that Canada's current account deficit narrowed less than expected in the third quarter.
USD/CAD hit 1.3394 during early U.S. trade, the pair's highest since November 23; the pair subsequently consolidated at 1.3350, slipping 0.21%.
The pair was likely to find support at 1.3286, Friday's low and resistance at 1.3437, the high of November 23 and a one-month high.
Statistics Canada reported on Monday that the country's current account deficit narrowed to C$16.2 billion in the third quarter from C$16.6 billion in the second quarter, whose figure was revised from a previously estimated deficit of C$17.4 billion.
Analysts had expected the current account deficit to narrow to C$15.2 billion in the last quarter.
Meanwhile, the greenback remained broadly supported by growing expectations that the Federal Reserve will raise interest rates next month.
The loonie was higher against the euro, with EUR/CAD shedding 0.28% to 1.4130.
Sentiment on the euro remained vulnerable as European Central Bank President Mario Draghi has been signaling in recent weeks that the bank is ready to act quickly to boost inflation in the euro zone and can also change the level of its deposit rate to boost the impact of quantitative easing.
Earlier Monday, data showed that German retail sales fell 0.4% in October, compared to expectations for a 0.4% rise and after a flat reading the previous month.
In addition, a preliminary report showed that German consumer prices rose 0.1% in November, in line with expectations, after a flat reading in October.
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USD/CAD hit 1.3394 during early U.S. trade, the pair's highest since November 23; the pair subsequently consolidated at 1.3350, slipping 0.21%.
The pair was likely to find support at 1.3286, Friday's low and resistance at 1.3437, the high of November 23 and a one-month high.
Statistics Canada reported on Monday that the country's current account deficit narrowed to C$16.2 billion in the third quarter from C$16.6 billion in the second quarter, whose figure was revised from a previously estimated deficit of C$17.4 billion.
Analysts had expected the current account deficit to narrow to C$15.2 billion in the last quarter.
Meanwhile, the greenback remained broadly supported by growing expectations that the Federal Reserve will raise interest rates next month.
The loonie was higher against the euro, with EUR/CAD shedding 0.28% to 1.4130.
Sentiment on the euro remained vulnerable as European Central Bank President Mario Draghi has been signaling in recent weeks that the bank is ready to act quickly to boost inflation in the euro zone and can also change the level of its deposit rate to boost the impact of quantitative easing.
Earlier Monday, data showed that German retail sales fell 0.4% in October, compared to expectations for a 0.4% rise and after a flat reading the previous month.
In addition, a preliminary report showed that German consumer prices rose 0.1% in November, in line with expectations, after a flat reading in October.
source investing
