Investing.com - The U.S. dollar eased up to session highs against the Canadian dollar in quiet, holiday-thinned trade on Monday after official data showed that Canadian wholesale sales rose less than expected in November.
USD/CAD hit 0.9936 during early U.S. trade, the session high; the pair subsequently consolidated at 0.9926, easing up 0.10%.
The pair was likely to find near-term support at 0.9908, the session low and resistance at 0.9945, Friday’s high and a three-week high.
Statistics Canada said wholesale sales rose by 0.7% in November, below expectations for a 1% increase.
Trade looked likely to remain subdued on Monday as markets in the U.S. remained closed and investors awaited the outcome of Tuesday’s Bank of Japan policy-setting meeting.
Investors were also anticipating the Bank of Canada’s monetary policy decision on Wednesday, amid speculation that the central bank would lower growth forecasts.
The loonie, as the Canadian dollar is also known, was little changed against the euro, with EUR/CAD inching up 0.07% to 1.3213 and was lower against the yen, with CAD/JPY down 0.55% to 90.30.
The yen found support amid profit taking ahead of Tuesday’s BoJ policy announcement.
The BoJ was widely expected to implement more aggressive easing measures and adopt a 2% inflation target in response to growing political pressure from Prime Minister Shinzo Abe’s government to step up efforts to combat deflation.
USD/CAD hit 0.9936 during early U.S. trade, the session high; the pair subsequently consolidated at 0.9926, easing up 0.10%.
The pair was likely to find near-term support at 0.9908, the session low and resistance at 0.9945, Friday’s high and a three-week high.
Statistics Canada said wholesale sales rose by 0.7% in November, below expectations for a 1% increase.
Trade looked likely to remain subdued on Monday as markets in the U.S. remained closed and investors awaited the outcome of Tuesday’s Bank of Japan policy-setting meeting.
Investors were also anticipating the Bank of Canada’s monetary policy decision on Wednesday, amid speculation that the central bank would lower growth forecasts.
The loonie, as the Canadian dollar is also known, was little changed against the euro, with EUR/CAD inching up 0.07% to 1.3213 and was lower against the yen, with CAD/JPY down 0.55% to 90.30.
The yen found support amid profit taking ahead of Tuesday’s BoJ policy announcement.
The BoJ was widely expected to implement more aggressive easing measures and adopt a 2% inflation target in response to growing political pressure from Prime Minister Shinzo Abe’s government to step up efforts to combat deflation.