Investing.comInvesting.com - The U.S. dollar was little changed against the Canadian dollar on Tuesday as optimism over the improving U.S. recovery supported demand for the greenback and traders awaited Wednesday’s U.S. retail sales data.
USD/CAD hit 1.0284 during early U.S. trade, the session high; the pair subsequently consolidated at 1.0264, inching up 0.06%.
The pair was likely to find support at 1.0233, Friday’s low and resistance at 1.0313, Friday’s high.
The U.S. dollar continued to be supported by optimism over the improving U.S. recovery after data on Friday showed that the economy added significantly more jobs than forecast in February, with the unemployment rate falling to a four-year low of 7.7%.
Investors were looking ahead to U.S. data on retail sales on Wednesday to determine the durability of the economic recovery.
The loonie, as the Canadian dollar is also known, was lower against the euro, with EUR/CAD rising 0.19% to 1.3407.
Trade looked likely to remain subdued on Tuesday with no major economic data releases on the calendar for the U.S. or Canada.
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