USD/CAD slips below 1.04 as Canada CPI data eyed

ForexNewsNow | Published on August 19, 2010 at 10:19 pm

NEW YORK (Forex News Now) – The U.S. dollar fell against its Canadian counterpart on Friday, slipping below the 1.04 mark, as FX traders awaited key consumer price inflation data from Canada.

In late Asian currency trading, USD/CAD struck 1.0396, down 0.08 percent on the day, after retreating from Thursday’s high of 1.0416.

Canada’s statistics agency was later set to publish its Consumer Price Index for August, which was expected to rise slightly.

According to forex analysis, USD/CAD was likely to touch immediate support around Thursday’s low, 1.0248, and encounter resistance around the high of Aug. 16, 1.0465.

The loonie’s losses on Thursday came after official data showed that Mid-Atlantic manufacturing shrank in August for the first time in more than a year, and new claims for U.S. unemployment benefits hit a nine-month high last week.

Elsewhere, the Canadian dollar slid slightly versus the yen: CAD/JPY traded at 82.04, down 0.03 percent.

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