Investing.com - The U.S. dollar erased gains against its Canadian counterpart on Tuesday, to hit a three-week low after the release of mixed Canadian retail sales data, as investors continued to focus on the upcoming Jackson Hole Summit this week.
USD/CAD hit 1.2529 during early U.S. trade, the pair's lowest since August 1 ; the pair subsequently consolidated at 1.2532, shedding 0.22%.
The pair was likely to find support at 1.2448, the low of August 1 and resistance at 1.2685, the high of August 17.
Markets seemed to shrug off a report showing that Canada's retail sales rose less than expected in June.
However, the core reading was stronger than forecast.
Investors were looking ahead to this week's annual meeting of top central bankers and economists in Jackson Hole, Wyoming, where the heads of the U.S. and European central banks will be making keynote speeches.
Their comments will be closely watched for fresh policy signals from the world’s two most powerful central banks.
The loonie was higher against the euro, with EUR/CAD declining 0.61% to 1.4745.