Yahoo Finance USD/CAD Moves Higher on Declining Oil Prices
Investing.com - The U.S. dollar moved higher against its Canadian counterpart on Wednesday, after the release of positive U.S. economic reports and as declining oil prices weighed on demand for the commodity-related Canadian dollar.
USD/CAD was up 0.42% at 1.2786 by 09:30 a.m. ET (13:30 GMT).
The U.S. Commerce Department said consumer prices rose 0.1% in October, in line with forecasts.
A separate report showed that U.S. retail sales increased by 0.2% last month, just above expectations for a more modest gain of 0.1%.
On a less positive note however, the New York Federal Reserve reported that its Empire State manufacturing index fell 11 points to 91.4 in November, compared to analysts forecast for a reading of 26.00.
The greenback has been under pressure recently amid uncertainty over the fate of a major U.S. tax overhaul.
Meanwhile, the Canadian dollar was pressured by sharply lower oil prices on Wednesday, amid speculation weekly supply data due later in the day will show a large increase in U.S. crude inventories.
The loonie was lower against the euro, with EUR/CAD up 0.61% to 1.5112.
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