Investing.com - The Canadian dollar fell against its U.S. counterpart on Wednesday after Canadian retail sales data came in weaker than expected for December.
In Asian trading on Wednesday, USD/CAD hit 0.9982, up 0.14%, gaining from a session low of 0.9966 and off from a high of 0.9989.
The pair was likely to test technical support at 0.9972 and resistance at 0.9996.
Canadian core retail sales, which exclude automobile sales, came in flat in December, worse than market expectations for a gain of 0.2%
Overall retail sales dropped 0.2% in December, in line with market expectations.
Meanwhile, the Canadian dollar also lost its appeal to the greenback as part of a worldwide move to go long on the U.S. currency.
Concerns grew during the Asian trading session that even though Europe has bailed out Greece with a EUR130 billion rescue package, Europe's economy remains in fundamental need of longer-term repair.
The Canadian dollar, meanwhile, was down against the euro and up against the yen, with EUR/CAD gaining 0.05% to 1.3200 and CAD/JPY up 0.09% at 80.06.
Later Wednesday, the U.S. will release industry data on existing home sales, a leading indicator of demand in the housing market.
In Asian trading on Wednesday, USD/CAD hit 0.9982, up 0.14%, gaining from a session low of 0.9966 and off from a high of 0.9989.
The pair was likely to test technical support at 0.9972 and resistance at 0.9996.
Canadian core retail sales, which exclude automobile sales, came in flat in December, worse than market expectations for a gain of 0.2%
Overall retail sales dropped 0.2% in December, in line with market expectations.
Meanwhile, the Canadian dollar also lost its appeal to the greenback as part of a worldwide move to go long on the U.S. currency.
Concerns grew during the Asian trading session that even though Europe has bailed out Greece with a EUR130 billion rescue package, Europe's economy remains in fundamental need of longer-term repair.
The Canadian dollar, meanwhile, was down against the euro and up against the yen, with EUR/CAD gaining 0.05% to 1.3200 and CAD/JPY up 0.09% at 80.06.
Later Wednesday, the U.S. will release industry data on existing home sales, a leading indicator of demand in the housing market.