Investing.com - The U.S. dollar moved higher gains against its Canadian counterpart on Wednesday, as investors awaited the release of U.S. housing sector data later in the day, although a rebound in oil prices lent some support to the commodity-heavy Canadian currency.
USD/CAD hit 1.3304 during early U.S. trade; the pair subsequently consolidated at 1.3298, up 0.23%.
The pair was likely to find support at 1.3204, Tuesday’s low and resistance at 1.3326, the high of June 13.
The U.S. dollar found some support following hawkish remarks made on Monday by New York Fed president William Dudley, who reinforced expectations for the Fed to keep raising interest rates.
However, Chicago Fed president Charles Evans did deliver a more dovish outlook after the market close on Monday, suggesting that it may be worthwhile for the U.S. central bank to wait until year-end to decide whether to raise rates again.
Meanwhile, the Canadian dollar benefited from a rebound in oil prices on Wednesday, ahead of the weekly report on U.S. crude inventories.
The loonie was lower against the euro, with EUR/CAD rising 0.27% to 1.4811.