US dollar showed slight movement against its Canadian peer on Monday due to thin foreign exchange market trade because of the summer holidays.
USD/CAD slid to a session low at 1.0330 at 11:45 GMT, the lowest point since July 11th, after which consolidation followed at 1.0350. Support was expected at July 11th low, 1.0324, while resistance was to be met at July 19th high, 1.0392.
During the weekend finance ministers and central bankers from the G-20 group said, that future changes to monetary policy should be “carefully calibrated and clearly communicated”, so that the United States and Japan not to cause transnational disturbances, when beginning a pare back of their stimulus.
Meanwhile, earlier today it was reported that Existing Home Sales in the United States recorded an unexpected drop in June. Sales decreased by 1.2% to a seasonally adjusted annual level of 5.08 million units during June, which was the second highest level since November 2009. In May the sales figure was revised down to 5.14 million units from 5.18 million units previously. Experts had projected an increase to 5.25 million homes. The average price per home was 214 200 USD in June, or 13.5% higher in comparison with June 2012. During the summer period home buyers, especially luxury home buyers, are more active than any other time in the year, which gives a boost to prices.
Elsewhere, the loonie, as Canadian dollar is also known, was trading lower against the euro, with EUR/CAD pair rising by 0.24% to 1.3663 at 14:33 GMT. Additionally, GBP/CAD cross was also on higher levels, adding 0.43% for the day to 1.5908 at 14:35 GMT.
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