On Monday US dollar lowered against its Canadian counterpart in steady trade, as investors began to focus on FEDs monetary policy meeting, scheduled on Wednesday.
USD/CAD fell to a session low at 1.0148 during early US trade, after which consolidation followed at 1.0167. Support was likely at Fridays low and five-week low, 1.0135, while resistance was to be met at Fridays high, 1.0185.
Investors remained wary ahead of Federal Reserve Bank’s policy statement on Wednesday amid uncertainty over the bank’s next move. The dollar weakened against the other major currencies last week amid growing expectations that the US central bank will begin to unwind its asset purchasing program later this year.
In addition, US dollar reacted slightly on official data, showing that the New York Empire Manufacturing Index rose to a reading of 7.84 in June from -1.43 during May, while current results were well above projections of a value at 0.00.
Meanwhile, Canadian dollar was steady against the euro, with EUR/CAD dropping by 0.03% to 1.3575.
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