Investing.com - The U.S. dollar rose to fresh 11-year highs against its Canadian counterpart on Monday, as upbeat U.S. personal spending data sparked fresh enthusiasm over the strength of the American economy.
USD/CAD hit 1.3176 during early U.S. trade, the pair's highest since August 2004; the pair subsequently consolidated at 1.3149, advancing 0.44%.
The pair was likely to find support at 1.2940, Friday's low and resistance at 1.3344.
Data showed that U.S. personal spending rose 0.2% in June, in line with expectations. Personal spending increased by 0.7% in May, whose figure was revised from a previously estimated gain of 0.9%.
The report also showed that U.S. personal income rose 0.3% in June, exceeding expectations for an uptick of 0.2%. Personal income rose by 0.4% in May, whose figure was revised from a previously estimated increase of 0.5%.
Meanwhile, crude oil weakness continued to weigh on the commodity-linked Canadian dollar. Crude oil futures for September delivery were down 2.25% to $46.06 in early U.S. trading.
The loonie was lower against the euro, with EUR/CAD rising 0.25% to 1.4416.
In the euro zone, data on Monday showed that the manufacturing sector continued to expand at a steady pace at the start of the third quarter.
Continuing expansion in Germany, Spain and Italy offset a record contraction of the Greek manufacturing sector last month after capital controls were imposed to avert a collapse of the country's financial system.