Yahoo Finance USD/CAD Moves Lower Despite Downbeat Canadian Data
Investing.com - The U.S. dollar moved lower against its Canadian counterpart on Tuesday, despite the release of downbeat Canadian data as investors remained cautious amid sustained uncertainty regarding the fate of a major U.S. tax plan.
USD/CAD was steady at 1.2821 by 09:30 a.m. ET (13:30 GMT), pulling away from a two-and-a-half week high of 1.2837 hit earlier in the day.
Statistics Canada said that wholesale sales declined by 1.2% in September, disappointing expectations for a 0.3% uptick.
Wholesale sales rose 0.4% in August, whose figure was revised from a previously estimated 0.5% increase.
The greenback initially found support after the House of Representatives passed a bill last week that would lower corporate taxes and cut individual taxes for most households in 2018.
However the legislation could still face difficulties in the Senate amid resistance within Republican ranks. Senate lawmakers are expected to vote on their version of the bill after this week’s Thanksgiving holiday.
The loonie was higher against the euro, with EUR/CAD down 0.35% at 1.4991.
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