Investing.com - The U.S. dollar rose to session highs against the Canadian dollar on Tuesday following the release of upbeat U.S. and Canadian trade data for June.
USD/CAD hit 1.0389 during early U.S. trade, the session high; the pair subsequently consolidated at 1.0380, gaining 0.18%.
The pair was likely to find support at 1.0346, the session low and resistance at 1.0402, Monday’s high.
The Commerce Department said that the U.S. trade deficit narrowed by 22.4% to a seasonally adjusted USD34.2 billion from a deficit of USD44.1 billion in May.
Analysts had expected the U.S. trade deficit to narrow to USD43.5 billion in June.
The data showed that U.S. exports rose 2.2% in June to USD191.2 billion, while imports fell 2.5% to USD225.4 billion, as petroleum imports declined sharply.
The data came one day after a report showed that activity in the U.S. services sector expanded at the fastest rate in five months in July.
The upbeat data helped offset the latest U.S. jobs report, which showed that the economy added fewer than expected jobs in July and saw investors further reassess expectations on when the Federal Reserve will start to unwind it stimulus program.
Meanwhile, Statistics Canada said the trade deficit came in at CAD0.5 billion in June, narrowing from a deficit of CAD0.8 billion in May.
Analysts had expected Canada’s trade deficit to widen to CAD1.0 billion.
The loonie, as the Canadian dollar is also known, was lower against the euro, with EUR/CAD rising 0.40% to 1.3796.
USD/CAD hit 1.0389 during early U.S. trade, the session high; the pair subsequently consolidated at 1.0380, gaining 0.18%.
The pair was likely to find support at 1.0346, the session low and resistance at 1.0402, Monday’s high.
The Commerce Department said that the U.S. trade deficit narrowed by 22.4% to a seasonally adjusted USD34.2 billion from a deficit of USD44.1 billion in May.
Analysts had expected the U.S. trade deficit to narrow to USD43.5 billion in June.
The data showed that U.S. exports rose 2.2% in June to USD191.2 billion, while imports fell 2.5% to USD225.4 billion, as petroleum imports declined sharply.
The data came one day after a report showed that activity in the U.S. services sector expanded at the fastest rate in five months in July.
The upbeat data helped offset the latest U.S. jobs report, which showed that the economy added fewer than expected jobs in July and saw investors further reassess expectations on when the Federal Reserve will start to unwind it stimulus program.
Meanwhile, Statistics Canada said the trade deficit came in at CAD0.5 billion in June, narrowing from a deficit of CAD0.8 billion in May.
Analysts had expected Canada’s trade deficit to widen to CAD1.0 billion.
The loonie, as the Canadian dollar is also known, was lower against the euro, with EUR/CAD rising 0.40% to 1.3796.