Investing.com - The U.S. dollar edged higher against its Canadian counterpart on Monday, as the greenback regained some ground after the release of mixed U.S. data on Friday dampened optimism over the strength of the economy.
USD/CAD hit 1.2947 during European afternoon trade, the pair's highest since October 14; the pair subsequently consolidated at 1.2942, rising 0.23%.
The pair was likely to find support at 1.2848, the low of October 16 and resistance at 1.3039, the high of October 14.
The preliminary reading of the University of Michigan’s consumer sentiment index came in at 92.1 on Friday, compared to forecasts of 89 and up from 87.2 in September.
But another report showed that U.S. industrial production declined 0.2% in September, pressured lower by weakness in the oil and gas sector.
Separately, markets were jittery after data on Monday showed that China’s economic growth slowed to 6.9% in the third quarter, down from 7% in the previous quarter. The figure is the country's slowest growth rate since 2009.
A separate report showed that Chinese industrial production rose at a year-on-year rate of 5.7% in September, disappointing expectations for a 6.0% gain.
The loonie was lower against the euro, with EUR/CAD edging up 0.09% to 1.4668.