Investing.com - The U.S. dollar was almost unchanged against its Canadian counterpart on Friday, hovering within close distance of a nine-month high after Canadian inflation data came out in line with expectations and as expectations for an upcoming U.S. rate hike still supported the greenback.
USD/CAD hit 1.3494 during early U.S. trade, the session low; the pair subsequently consolidated at 1.3515.
The pair was likely to find support at 1.3396, Thursday’s low and resistance at 1.3589, the high of November 14.
The commodity-related Canadian dollar found some support as oil prices moved higher on Friday, amid growing hopes for a production cut deal.
Also Friday, Statistics Canada said the consumer price index gained 0.2% in October, in line with expectations.
Year-on-year, consumer prices advanced 1.5% last month, also in line with forecasts.
Core CPI, which excludes food and energy, rose by 0.2% in October, in line with expectations.
Meanwhile, the greenback remained broadly supported after strong U.S. initial jobless claims and inflation data on Thursday fueled further expectations for a rate hike at the Federal Reserve's December policy meeting.
In addition, Fed Chair Janet Yellen said in testimony to Congress that an increase in interest rates could be "appropriate relatively soon".
The loonie was higher against the euro, with EUR/CAD slipping 0.16% to 1.4342.