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Forex - USD/CAD Edges Slightly Higher in Early Trade

ForexSep 18, 2017 09:32AM ET
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© Reuters. Greenback gains some ground vs. loonie but upside limited

Investing.com - The U.S. dollar edged slightly higher against its Canadian counterpart on Monday, as investors eyed the Federal Reserve's upcoming policy meeting this week and as positive data from Canada did little to support the local currency.

USD/CAD was up 0.10% at 1.2203 by 09:30 a.m. ET (13:30 GMT).

The greenback mildly recovered from losses posted on Friday after data showed that U.S. industrial and manufacturing production unexpectedly fell in August.

In addition, the U.S. Commerce Department said retail sales unexpectedly fell by 0.2% in August.

Later this week, the Fed is expected to leave interest rates unchanged but it could give indications on when it plans to begin unwinding its balance sheet.

In Canada, data on Monday showed that foreign securities purchases increased to C$23.95 billion in July, blowing past expectations for a C$4.46 billion rise. Foreign securities purchases fell by C$860,000 in June, whose figure was revised from a previously estimated C$920,000 fall.

Foreign securities purchases by Canadians declined by C$1.83 billion in July after an upwardly revised C$13.31 billion increase the previous month.

The commodity-related Canadian dollar's gains were capped by a slide in oil prices on Monday, as traders locked in profits on the commodity's recent rally to multi-month highs.

The loonie was lower against the euro, with EUR/CAD edging up 0.10% to 1.4580.

Forex - USD/CAD Edges Slightly Higher in Early Trade
 

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