Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Forex - USD/CAD holds steady at 11-year highs in early trade

Published 09/29/2015, 09:26 AM
Updated 09/29/2015, 09:26 AM
Greenback hovers at multi-year peak vs. loonie, eyes on U.S. data

Investing.com - The U.S. dollar held steady at 11-year highs against its Canadian counterpart on Tuesday, as investors awaited the release of U.S. consumer sentiment data later in the day amid growing uncertainty over a possible U.S. rate hike before the end of the year.

USD/CAD hit 1.3432 during early U.S. trade, the pair's highest since June 2004; the pair subsequently consolidated at 1.3404.

The pair was likely to find support at 1.3314, Monday's low and resistance at 1.3812.

Mixed messages from central bank policymakers last week led to uncertainty over whether the Federal Reserve will raise short term interest rates this year.

New York Fed President William Dudley and San Francisco Fed head John Williams indicated support for a rate hike in 2015 in separate speeches on Monday, but Chicago Fed President Charles Evans said rates should remain on hold until mid-2016.

The remarks came after Fed Chair Janet Yellen said last week that the bank was still on track for a rate hike before the years end.

The loonie was higher against the euro, with EUR/CAD sliding 0.32% to 1.5017.

The single currency came under pressure after data showed that Germany's annual rate of inflation slowed to zero in September, worse than forecasts of 0.1%.

The German consumer price index fell 0.2% from a month earlier, compared to expectations for a decline of 0.1%.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.