Forex: USD/CAD falls to 1.0496 ahead of US economic data

on Jul 1, 2013
Listen Monday July 1st:_ The pair started today at 1.0520 and, with Canadian banks closed for the Canada Day holiday, the only significant data which should affect the quote are the latest US economic updates. In light trading, the pair has registered a low for the day so far at 1.0496, a fall of 0.24 percent to this point.

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On Tuesday of last week, the pair was quoted at a two-year high of 1.0554, after Canadian consumer price inflation was reported to have risen in May y/y by 0.7 percent, up from 0.4 percent in April. Canadian Existing Home Sales data showed a 3.6 percent rise in May against April’s 0.6 percent.

And on Friday, Canada’s economy was reported to have grown 0.1 percent in April m/m, with a 0.3 percent gain in services output offsetting a 0.3 percent slump in goods production.
The Canadian dollar has been flagging as the greenback continues to strengthen, boosted by further indications from the US Federal Reserve of its readiness to wind down fiscal stimulus if conditions warrant.
Traders will be focused on the further US economic updates due out later today. The May reading for Construction Spending is expected to come out at 0.6 percent, up from 0.4 percent in April, with a projected rise to 50.5 in the ISM Manufacturing PMI for June, from 49.0 in May.


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