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Forex - USD/CAD lower in early trade

ForexMay 07, 2013 09:36AM ET
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This article has already been saved in your Saved Items - The U.S. dollar fell to more than two-month lows against the Canadian dollar on Tuesday, but losses were limited in the absence of any economic data releases to give markets direction.

USD/CAD hit 1.0036 during early U.S. trade, the pair’s lowest since February 15; the pair subsequently consolidated at 1.0055, slipping 0.12%.

The pair was likely to find support at 1.0035, the session low and resistance at 1.0094, Monday’s high.

The Canadian dollar rose to session highs earlier after unexpectedly strong German factory data eased concerns over the outlook for the euro zone’s largest economy, bolstering risk appetite.

Germany factory orders jumped by a seasonally adjusted 2.2% in March, official data showed, compared to expectations for a 0.5% decline.

The loonie, as the Canadian dollar is also known, was lower against the euro, with EUR/CAD rising 0.22% to 1.3195.

Sentiment on the single currency remained fragile after European Central Bank President Mario Draghi said Monday that the bank would monitor all euro zone economic data in the coming weeks and was ready to act if needed.

The comments came after the ECB cut rates to a record low 0.5% from 0.75% last week.

Elsewhere, the loonie rallied against the Australian dollar, with AUD/CAD dropping 0.97% to 1.0224 after the Reserve Bank of Australia cut interest rates to a record-low 2.75% from 3% on Tuesday and warned that the strong Australian dollar is creating a drag on economic growth.

Forex - USD/CAD lower in early trade

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