USD/CAD re-approaches 2-week lows in early trade
Investing.com - The U.S. dollar slipped lower against its Canadian counterpart on Monday, re-approaching a two-week trough after the release of disappointing Canadian data, as U.S. political tensions continued to weigh on the greenback.
USD/CAD hit 1.2564 during early U.S. trade, the session low; the pair subsequently consolidated at 1.2576, down 0.09%.
The pair was likely to find support at 1.2530, the low of August 2 and resistance at 1.2693, Friday’s high.
Statistics Canada reported on Monday that wholesale sales fell by 0.5% in June, disappointing expectations for a 0.4% slip.
Wholesale sales increased by 1.0% in May, whose figure was revised from a previously estimated 0.9% gain.
Meanwhile, sentiment on the greenback remained vulnerable following news on Friday that senior White House advisor Steven Bannon had been fired.
Ongoing uncertainty over the economic agenda of U.S. President Donald Trump and doubts that the Federal Reserve will deliver a third rate hike this year have fed into recent dollar weakness.
Markets were also still rattled by geopolitical tensions after a terrorist attack last Thursday in Barcelona killed 14 people and injured 100 others.
Separately, North Korea warned Sunday that joint U.S.-South Korean military exercises set to start Monday will be "adding fuel to the fire" of already heightened tensions with Washington and its allies.
The loonie was lower against the euro, with EUR/CAD adding 0.14% to 1.4818.
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