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Forex - Data points drag loonie lower

Published Feb 22, 2013 04:27PM ET
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Investing.com – The Canadian dollar fell to its lowest levels in eight months against its southern rival, the U.S. dollar, Friday amid a spate of glum economic data points and weak commodities prices.

In U.S. trading Friday, USD/CAD rose 0.21% to 1.0208. The pair is The pair was likely to find support at 1.0164 and resistance at 1.0232, the high of July 25. That extends the loonie’s losing streak against the greenback to six consecutive days. Data points play a major part in the Friday action in USD/CAD.

Earlier today in Canada, official data showed that consumer price inflation, rose 0.1% in January, compared to expectations for a flat reading, after a 0.6% fall the previous month.

Core consumer price inflation, which excludes the eight most volatile items, also rose 0.1% last month after a 0.6% decline in December, in line with expectations.

In addition, retail sales in Canada dropped 2.1% in December, more than the expected 0.8% fall, after a 0.3% rise the previous month.

Core retail sales, which exclude automobiles, fell 0.9% in December, compared to expectations for a 0.1% slip, after a 0.2% decline the previous month.

There were no major data announcements in the U.S. today, but oil was able to snap a two-day losing streak. NYMEX-traded oil futures for April delivery rose 0.6% while Brent futures for April delivery added 0.65%, but those gains were not enough to support the Canadian dollar. Canada is one of the world’s largest oil producer and one of the top exporters of crude to the U.S.

Also weighing on the loonie is speculation that the next move out of Canada’s central bank will be to cut interest rates, not raise them.

Elsewhere, EUR/CAD rose 0.17% to 1.3460 while CAD/JPY added 0.12% to 91.54.


Forex - Data points drag loonie lower
 

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