Investing.com - The U.S. dollar was hovering near four-week lows against its Canadian counterpart on Friday, after downbeat U.S. data and as markets were eyeing upcoming remarks by Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi in Jackson Hole.
USD/CAD hit 1.2503 during early U.S. trade, the pair's lowest since August 1; the pair subsequently consolidated at 1.2515.
The pair was likely to find support at 1.2448, the low of August 1 and resistance at 1.2597, Wednesday's high.
The U.S. Commerce Department reported on Friday that durable goods orders fell more than forecast in July, although the core reading rose slightly more than expected.
Market participants were looking ahead to to see if the U.S. central bank chief will offer any clues on future policy moves later Friday, although little new information was expected.
More hopes surrounded Draghi's speech and potential indications on when the ECB plans to begin tapering its monthly purchase program.
The greenback had already weakened earlier in the week due to fresh U.S. political tensions, after U.S. President Donald Trump said he would be willing to shut down the government to finance a wall along the U.S.-Mexico border and that he might terminate the NAFTA trade treaty.
Meanwhile, the commodity-related Canadian dollar found some support in rising oil prices on Friday, as markets braced for Hurricane Harvey.
The loonie was fractionally lower against the euro, with EUR/CAD up 0.09% at 1.4784.