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Forex - USD/CAD Rises After Downbeat Canadian Data

Published 11/23/2017, 09:30 AM
Updated 11/23/2017, 09:30 AM
© Reuters.  Greenback bounces off nearly 2-week lows vs. loonie but remains under pressure

© Reuters. Greenback bounces off nearly 2-week lows vs. loonie but remains under pressure

Investing.com - The U.S. dollar rose against its Canadian counterpart on Thursday, easing off a nearly two-week trough as the release of downbeat U.S. Canadian data dampened demand for the local currency.

Trade volumes were expected to remain thin ahead of the U.S. Thanksgiving holiday on Thursday.

USD/CAD was up 0.19% at 1.2720 by 09:30 a.m. ET (13:30 GMT).

Statistics Canada reported that retail sales rose 0.1% in September, disappointing expectations for an increase of 0.9%.

Core retail sales, which exclude automobiles, increased by 0.3% in September, compared to expectations for a 1.0% gain.

But the greenback's gains were capped after the minutes of the Federal Reserve's latest meeting showed that some policymakers remain concerned over persistently low inflation.

The report also showed that the Fed expects to raise interest rates in the "near term", adding to expectations for a December rate hike.

However, the central bank added that economic data will determine the timing of future rate hikes, which could mean a slower pace than expected for 2018.

The loonie was lower against the euro, with EUR/CAD up 0.44% at 1.5072.

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