Investing.com – The Canadian dollar erased gains against its U.S. counterpart on Tuesday, following official data showing that Canadian retail sales were unexpectedly flat in February.
USD/CAD clawed back up from 0.9747, the pair’s lowest since March 15 to hit 0.9792 during early U.S. trade, gaining 0.14%.
The pair was likely to find support at 0.9733, the low of March 15 and resistance at 0.9852, Monday’s high.
Earlier in the day, Statistics Canada said Canadian retail sales declined 0.3% in January from the previous month, confounding expectations for a 1% increase. Excluding autos, retail sales were flat, at 0%.
However, the greenback’s gains were limited as crude oil, Canada’s largest export, remained well supported amid concerns over a prolonged disruption to supplies from Libya, while escalating tensions in Bahrain and Yemen stoked fears that unrest could spread to Saudi Arabia, the world’s top oil producer.
The loonie was also down against the yen, with CAD/JPY slipping 0.14% to hit 82.71.
Also Tuesday, Japan's Finance Minister Yoshihiko Noda said earlier that the Group of Seven leading industrialized nations would continue to cooperate after a joint intervention to curb the yen’s record gains last week brought a degree of certainty back to the market.
USD/CAD clawed back up from 0.9747, the pair’s lowest since March 15 to hit 0.9792 during early U.S. trade, gaining 0.14%.
The pair was likely to find support at 0.9733, the low of March 15 and resistance at 0.9852, Monday’s high.
Earlier in the day, Statistics Canada said Canadian retail sales declined 0.3% in January from the previous month, confounding expectations for a 1% increase. Excluding autos, retail sales were flat, at 0%.
However, the greenback’s gains were limited as crude oil, Canada’s largest export, remained well supported amid concerns over a prolonged disruption to supplies from Libya, while escalating tensions in Bahrain and Yemen stoked fears that unrest could spread to Saudi Arabia, the world’s top oil producer.
The loonie was also down against the yen, with CAD/JPY slipping 0.14% to hit 82.71.
Also Tuesday, Japan's Finance Minister Yoshihiko Noda said earlier that the Group of Seven leading industrialized nations would continue to cooperate after a joint intervention to curb the yen’s record gains last week brought a degree of certainty back to the market.