The U.S. dollar pulled back from the session high against its Canadian counterpart on Monday, as crude oil, Canada’s largest export, trimmed losses in choppy trade.
USD/CAD eased off 0.9816, the daily high, to hit 0.9787 during early U.S. trade, still up 0.09% on the day.
The pair was likely to find support at 0.9743, Friday’s low and resistance at 0.9851, Friday’s high and a two-month high.
Crude oil for delivery in July pared losses in volatile trade, down 0.62% on the New York Mercantile Exchange, to trade at USD99.94 a barrel, after pulling away from a daily low of USD98.78.
Raw materials, including oil account for about half of Canada’s export revenue.
Also Monday, official data showed that the value of building permits issued in Canada in April unexpectedly plummeted 21.1% from March on weakness in the province of Ontario. Analysts had expected building permits to fall by 2.3% in April.
April's month-on-month fall was the largest since the 23.7% drop recorded in January 2006.
The Canadian dollar was almost unchanged against the euro, with EUR/CAD inching up 0.01% to hit 1.4313.
Later in the day, Canada was to publish data on manufacturing sector activity, while U.S. Treasury Secretary Timothy Geithner was to speak at the International Monetary Conference. His comments would be closely watched for his views on the U.S. economic recovery.
USD/CAD eased off 0.9816, the daily high, to hit 0.9787 during early U.S. trade, still up 0.09% on the day.
The pair was likely to find support at 0.9743, Friday’s low and resistance at 0.9851, Friday’s high and a two-month high.
Crude oil for delivery in July pared losses in volatile trade, down 0.62% on the New York Mercantile Exchange, to trade at USD99.94 a barrel, after pulling away from a daily low of USD98.78.
Raw materials, including oil account for about half of Canada’s export revenue.
Also Monday, official data showed that the value of building permits issued in Canada in April unexpectedly plummeted 21.1% from March on weakness in the province of Ontario. Analysts had expected building permits to fall by 2.3% in April.
April's month-on-month fall was the largest since the 23.7% drop recorded in January 2006.
The Canadian dollar was almost unchanged against the euro, with EUR/CAD inching up 0.01% to hit 1.4313.
Later in the day, Canada was to publish data on manufacturing sector activity, while U.S. Treasury Secretary Timothy Geithner was to speak at the International Monetary Conference. His comments would be closely watched for his views on the U.S. economic recovery.
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