USD/CAD trades at 3-week peaks after mixed Canadian data
On Tuesday, the greenback surged to three-week peaks against its Canadian counterpart, after the publication of mixed data from Canada as well as expectations for a near-term American rate lift kept o lending broad support to the major American currency.
The currency pair USD/CAD hit 1.3047 in early U.S. trade. That’s the pair’s highest peak since August 11. After a while the pair consolidated at 1.3062, soaring 0.38%.
The pair was about to gain support at 1.2970, Monday’s minimum and resistance at 1.3125, the peak of August 10.
Statistics Canada reported that during the second quarter, the current account deficit leapt to C$19.9 billion from C$16.6 billion in the first quarter.
Financial experts had expected the current account deficit to soar to C$20.5 billion in the previous quarter.
A separate report disclosed that the raw materials price index dipped by 2.7% in July, thus confounding hopes for a 1.2% drop. Additionally, in June, the RMPI grew 2%, whose figure got revised from the previously estimated 1.8% revenue.