Investing.com – The U.S. dollar rose against its Canadian counterpart for a fourth straight day on Thursday, in the wake of weak retail sales data in Canada and the Federal Reserve's decision to hold interest rates steady.
USD/CAD hit 1.0402 during early European trade, gaining 0.06%. The pair was likely to find resistance at 1.0611, the high of June 8, and support at 1.0271, Wednesday's low.
On Wednesday, the Fed's Federal Open Market Committee said on Wednesday it was maintaining its federal funds rate target between zero and 0.25% and softened its view on the U.S. economy.
The Fed's policy-making arm, the Federal Open Market Committee, said in a statement that, "The pace of economic recovery is likely to be moderate for a time."
Also Wednesday, official data showed that Canadian retail sales dropped in April by a much steeper than expected 2% from March.
The loonie also fell versus the yen on Thursday, with CAD/JPY shedding 0.13% to reach 86.28.
Later in the day, the U.S. was due to publish key data on durable goods orders, a leading indicator of production. The U.S. was also scheduled to release data on initial jobless claims, a key indicator of overall economic health.
USD/CAD hit 1.0402 during early European trade, gaining 0.06%. The pair was likely to find resistance at 1.0611, the high of June 8, and support at 1.0271, Wednesday's low.
On Wednesday, the Fed's Federal Open Market Committee said on Wednesday it was maintaining its federal funds rate target between zero and 0.25% and softened its view on the U.S. economy.
The Fed's policy-making arm, the Federal Open Market Committee, said in a statement that, "The pace of economic recovery is likely to be moderate for a time."
Also Wednesday, official data showed that Canadian retail sales dropped in April by a much steeper than expected 2% from March.
The loonie also fell versus the yen on Thursday, with CAD/JPY shedding 0.13% to reach 86.28.
Later in the day, the U.S. was due to publish key data on durable goods orders, a leading indicator of production. The U.S. was also scheduled to release data on initial jobless claims, a key indicator of overall economic health.