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Forex - USD/CAD slips lower with eyes on Fed

Published 09/14/2015, 09:25 AM
Updated 09/14/2015, 09:25 AM
Greenback loses ground vs. loonie in cautious trade

Greenback loses ground vs. loonie in cautious trade

Investing.com - The U.S. dollar slipped lower against its Canadian counterpart on Monday, as investors remained cautious ahead of the Federal Reserve's policy meeting this week amid growing expectations for rates to remain on hold.

USD/CAD hit 1.3225 during early U.S. trade, the session low; the pair subsequently consolidated at 1.3239, edging down 0.20%.

The pair was likely to find support at 1.3173, the low of September 10 and resistance at 1.3310, Friday's high.

Sentiment on the greenback remained vulnerable amid concerns that mixed U.S. economic reports and recent volatility in global financial markets will prompt the U.S. central bank to refrain from hiking interest rates on Thursday.

Data on Friday showed that the preliminary reading of the University of Michigan’s consumer sentiment index fell to 85.7 from 91.9 in July, compared to forecasts of 91.2.

Separately, the Labor Department reported that the producer price index was flat last month after a 0.2% increase in July.

Fed Chair Janet Yellen has said that an interest rate increase is data dependent but has also indicated that she expects to begin raising rates before the end of the year.

Meanwhile, the Canadian dollar's gains were limited by ongoing weakness in oil prices. Crude oil futures for October delivery were down 0.92% at $44.22 at the open of U.S. trading.

The loonie was higher against the euro, with EUR/CAD declining 0.52% to 1.4962.

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