Forex: USD/CAD recovers from yesterday’s 1-month low

Written by: Violina Todorova
July 24, 2013

_iNVEZZ.com Wednesday July 24th:_ The greenback has firmed against its Canadian counterpart in trading so far today, rebounding from losses sustained in yesterday’s New York trading, with the pair rising in the early European session to an intraday high so far at 1.0311.

Yesterday the greenback came under pressure from the Richmond Fed Manufacturing Index for July, a drop to -11 from a revised 7 in June, the first positive reading since March. Numbers above zero indicate expanding activity. The USD/CAD fell to an almost one-month low at 1.0275.
Also, the Federal Housing Finance Agency’s US Housing Price Index came out yesterday as a 0.7 percent rise in May m/m, from April’s revised 0.5 percent rise.
With no Canadian updates scheduled for today, traders will be following the preliminary reading of the Markit US Manufacturing Purchasing Managers Index for July, due out at 13:58 BST, and New Home Sales for June m/m, scheduled for 15.00 BST.