USD/CAD settled above the resistance at 1.3330 and moves towards the next resistance at 1.3400.
The Canadian dollar fell to a six-week low against its broadly stronger U.S. counterpart on Wednesday, as data showed euro zone business growth grinding to a halt this month and as investors awaited details of Ottawa's spending proposals. The currency touched its weakest intraday level since Aug. 11 at 1.3355, while the safe-haven U.S. dollar <.DXY> clung to two-month highs against a basket of major currencies as concerns about a second wave of coronavirus infections in Europe met weak economic indicators. Canadian Prime Minister Justin Trudeau on Wednesday will unveil what he says is a far-reaching plan to help the economy recover from the coronavirus pandemic while ensuring efforts to fight the outbreak do not falter.
It’s a busy day ahead on the economic calendar. Prelim PMIs for September, COVID-19, and FED Chair Powell are in focus on the day.