Friday, May 20, 2016

Forex - USD/CAD trims gains but remains close to 6-week highs

Greenback pulls back from session highs but remains supportedGreenback pulls back from session highs but remains supported

Investing.com - The U.S. dollar trimmed gains against its Canadian counterpart on Friday, after the release of positive Canadian inflation data, but the greenback remained close to six-week highs as expectations for a June rate hike by the Federal Reserve continued to support the greenback.

pulled back from 1.3133, the session high, to hit 1.3101 during early U.S. trade, steady for the day.

The pair was likely to find support at 1.2890, the low of May 15 and resistance at 1.3155, Thursday's high.

Statistics Canada said the rose 0.3% in April, in line with expectations and after a 0.6% gain the previous month. Year-on-year, increased by 1.7%, as expected.

, which excludes the eight most volatile items, rose by 0.2% last month, beating expectations for an uptick of 0.1%.

A separate report showed that Canada's dropped 1.0% in March, compared to expectations for a 0.6% slip and after a revised 0.6% gain the previous month.

, which exclude automobiles, fell 0.3% in March, confounding expectations for a 0.4% fall.

The greenback remained supported after the Fed's on Wednesday showed that officials said a June rate hike would be appropriate if economic data indicated that growth was picking up in the second quarter and employment and inflation were firming.

In addition, that the U.S. economy could be strong enough to warrant a rate hike in June or July.

The loonie was lower against the euro, with gaining 0.33% to 1.4717.

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