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Forex - USD/CAD Falls to 6-week Lows after U.S., Canadian Data

ForexDec 05, 2017 09:35
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© Reuters. Greenback remained under pressure vs. loonie, U.S. data weighs

Investing.com - The U.S. dollar fell to a six-week low against its Canadian counterpart on Tuesday, after the release of downbeat U.S. trade data and a more positive trade report from Canada.

USD/CAD was down 0.08% at 1.2666 by 09:30 a.m. ET (13:30 GMT), its lowest since October 24.

Official data on Tuesday showed that the U.S. trade deficit widened to a nine-month high of $48.70 billion in October.

However, demand for the greenback remained underpinned after the U.S. Senate passed a tax overhaul package over the weekend amid expectations that tax cuts for corporations will stimulate the U.S. economy.

Some investors also believe the boost to the economy will prompt the Federal Reserve to raise interest rates at a faster pace.

Republicans are aiming to send a final tax bill to the White House before Christmas, with the House and Senate working to reconcile separate versions of the plan.

In Canada, data on Tuesday showed that the trade deficit narrowed to C$1.47 billion in October from C$3.36 billion the previous month, exceeding expectations for a deficit of C$2.70 billion.

The loonie was higher against the euro, with EUR/CAD down 0.46% at 1.4969.

Forex - USD/CAD Falls to 6-week Lows after U.S., Canadian Data
 

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