Forex: USD/CAD in downtick in European trading
_iNVEZZ.com Monday July 22nd:_ The US dollar started a downtick against its Canadian counterpart in the early Asian session and by the European opening the pair had descended to a six-day low at 1.0348, falling 13 pips to this point intraday.
With a lack of Canadian economic updates today, the most significant data for the quote will be the Chicago Fed National Activity Index for June and the US Existing Home Sales Change data for June m/m.
Forecasts are for the NAI to return to positive territory in June after contraction in the three previous months.
Existing home sales is expected to be up to a seasonally adjusted annualised rate (SAAR) of 5.27 million units in June, from 5.18 million in May.
The CAD rose against the greenback last week on the news that Canadian wholesale sales were 2.3 percent up at $50.3 billion in May, the highest rate of growth since the beginning of 2011. Sales increased in all subsectors, with miscellaneous and food, beverage and tobacco accounting for more than 70 percent of the growth.