13 Jun 2014
USD/CAD off lows, still down on the week
FXStreet (Córdoba) - The USD/CAD is enjoying a consolidative phase Friday, having barely moved within a narrow range, unable to get direction from US and Canada’s data.
Data was disappointing on both sides, with Canadian shipments dropping 0.1% in April (+0.4% expected), while US PPI and Reuters/Michigan consumer confidence index came in below expectations in the US. The USD/CAD is currently trading at the 1.0860 region, up 0.09% on the day, having traded most of the day between 1.0845 and 1.0865.
However, the pair remains on track for a weekly loss of 0.5% as the loonie benefited from oil prices rise and its higher-yielding status against the US dollar.
Data was disappointing on both sides, with Canadian shipments dropping 0.1% in April (+0.4% expected), while US PPI and Reuters/Michigan consumer confidence index came in below expectations in the US. The USD/CAD is currently trading at the 1.0860 region, up 0.09% on the day, having traded most of the day between 1.0845 and 1.0865.
However, the pair remains on track for a weekly loss of 0.5% as the loonie benefited from oil prices rise and its higher-yielding status against the US dollar.