Friday, April 15, 2016

Forex - USD/CAD trims gains after U.S., Canadian data

© Reuters. Greenback pulls away from session highs vs. loonie in early trade© Reuters. Greenback pulls away from session highs vs. loonie in early trade

Investing.com - The U.S. trimmed gains against its Canadian counterpart on Friday, after the release of mixed U.S. economic reports, although tumbling oil prices and downbeat Canadian data dampened demand for the local currency.

pulled away from 1.2896, the session high, to hit 1.2859 during early U.S. trade, still up 0.12%.

The pair was likely to find support at 1.2743, the low of April 13 and a nine-month low and resistance at 1.3015, the high of April 11.

Official data showed that decreased by 0.6% last month, worse than expectations for a decline of 0.1%. declined by 0.3% last month, worse than forecasts for a 0.1% increase.

The data came shortly after the Federal Reserve Bank of New York said that its improved to 9.65 this month from a reading of 0.62 in March. Analysts had expected the index to rise to 2.21 in April.

Investors were now eyeing the release of a U.S. report on consumer sentiment due later Friday for further indications on the strength of the economy.

Meanwhile, Statistics Canada reported that dropped by 3.3% in February, compared to expectations for a 1.5% decline, after an increase of 2.3% the previous month.

The commodity-related Canadian dollar also weakened as turned sharply lower on Friday as investors grew cautious ahead of this weekend's highly anticipated meeting between major oil producers in Qatar.

Oil producers including Saudi Arabia and Russia were scheduled to meet in Doha on Sunday to discuss freezing output around current levels in an effort to contain a global supply glut.

The loonie was lower against the euro, with rising 0.28% to 1.4510.

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