US dollar managed to trim its daily loss against the Canadian counterpart on Monday, following a report to reveal industrial output in the United States rose the most since last August and exceeded forecasts.
USD/CAD reduced its daily loss to 0.26%, trading at 1.1077 at 13:48 GMT. The pair fell to a session low at 1.1045 at 11:45 GMT. Support was likely to be received at March 7th low, 1.0981, while resistance was to be encountered at March 14th high, 1.1111. Last week USD/CAD gained 0.16%.
Industrial output in the United States rose 0.6% in February, which marked the fastest monthly pace since August 2013. The result exceeded preliminary estimates, pointing to a 0.2% gain. In January the performance of the index of industrial production has been revised up to a 0.2% drop from a 0.3% drop previously.
Capacity utilization rate was 78.8% last month, which surpassed expectations of a rate of 78.6%.
In addition, according to data by the Federal Reserve for New York, manufacturing activity in the region increased at a moderate pace this month. The New York Empire Manufacturing Index advanced to a reading of 5.61 in March from 4.48 during the prior month. Experts had expected a larger increase in the current month, to 6.25. Values above zero are indicative of expansion in manufacturing.
The sub-index of new orders entered positive territory, while the gauge of deliveries demonstrated a slight improvement in March. The sub-index of employment slowed down, but remained above zero.
Meanwhile, the value of securities transactions between Canadian residents and foreign investors was reported to have reached 1.09 billion CAD in January, while preliminary estimates pointed to a figure of 3.24 billion CAD.
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