USD CAD analysis: Loonie advances as Canada data eyed

NEW YORK (Forex News Now) – The Canadian dollar rose against its U.S. counterpart on Tuesday, nearing a 1-month high, as FX traders awaited a flurry of economic data from Canada and a key report on U.S. retail sales.

In European midday currency market trading, USD/CAD hit 1.0268, down 0.03 percent on the day, close to Monday’s 1-month low of 1.0266.

Later in the day, Canada’s statistics bureau was due to release reports on labor productivity, capacity utilization rate and new motor vehicle sales in the country.

According to USD CAD analysis, USD/CAD was likely to touch support around the low of Aug. 19, 1.0248, and encounter resistance around Friday’s high,1.0374.

The loonie’s gains also came ahead of a key report on U.S. retail sales, which was expected to show that this important gauge of consumer spending rose in August, and important data on U.S. business inventories.

Elsewhere, the Canadian dollar also rose versus sterling: GBP/CAD traded at 1.5812, down 0.23 percent, according to intraday analysis.

By ForexNewsNow Team

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