Investing.com - The U.S. dollar moved higher against the Canadian dollar on Friday, paring some of its weekly loss after data showed that U.S. consumer spending increased in February.
USD/CAD was last up 0.25% to 1.1059 after falling to lows of 1.0999 earlier in the session, the weakest since March 7. For the week, the pair ended down 1.23%.
The pair is likely to find support at 1.0999 and resistance at 1.1105, Thursday’s high.
Data on Friday showing that U.S. consumer spending rose 0.3% last month after a downwardly revised gain of 0.2% in January helped the greenback off lows against Canada’s dollar.
A separate report showed that the University of Michigan’s consumer sentiment index slipped to 80 in March, down from 81.6 the month before. It was higher than the preliminary March reading of 79.9 but below forecasts of 80.5.
The loonie, as the Canadian dollar is also known, strengthened against the greenback earlier in the week as the loonie tracked strong gains in the commodity linked Australian and New Zealand dollars.
The currency lacked strong drivers in any direction, with no major economic data releases in Canada on Thursday or Friday.
In the week ahead, investors will be looking to Friday’s U.S. nonfarm payrolls report for March for further indications on the strength of the labor market, while Monday’s Canadian GDP report will also be in focus.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Monday, March 31
Canada is to publish the monthly report on gross domestic product, the broadest indicator of economic activity and the leading indicator of economic growth.
Tuesday, April 1
The Institute of Supply Management is to publish a report on U.S. manufacturing growth.
Wednesday, April 2
The U.S. is to release the ADP report on private sector job creation, which leads the government’s nonfarm payrolls report by two days. The U.S. is also to release data on factory orders.
Thursday, April 3
Both the U.S. and Canada are to publish data on the trade balance, and the U.S. is also to publish the weekly report on initial jobless claims. Meanwhile, the ISM is to publish a report service sector activity.
Friday, April 4
Canada is to publish data on the change in the number of people employed and the unemployment rate. The nation is also to publish its Ivey PMI
The U.S. is to round up the week with the closely watched government data on nonfarm payrolls and the unemployment rate.