Yahoo Finance USD/CAD Slips Lower Ahead of Fed Minutes
Investing.com - The U.S. dollar slipped lower against its Canadian counterpart on Wednesday, after the release of mixed U.S. economic reports and as investors were eyeing the minutes of the Federal Reserve's latest policy meeting due later in the day.
USD/CAD was down 0.26% at 1.2746 by 09:30 a.m. ET (13:30 GMT).
The U.S. Department of Labor reported on Wednesday that initial jobless claims fell more than expected to 239,000 last week.
However, on a less positive note, the Commerce Department said the durable goods orders dropped 1.2% last month, disappointing expectations for a 0.3% gain.
Market participants were eyeing the minutes of the Fed's most recent policy meeting, due later Wednesday, as the report could offer clues on the pace of potential interest rate hikes.
In a speech late Tuesday, Fed Chair Janet Yellen said the central bank is "reasonably close" to its goals and should keep gradually raising interest rates to avoid the risk of letting inflation slip below target for too long and of pushing unemployment down too far.
At the same time, the commodity-related Canadian dollar benefited from a rebound in oil prices, ahead of the weekly U.S. crude inventory report.
The loonie was little changed against the euro, with EUR/CAD at 1.5005.
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Forex - USD/CAD Slips Lower Ahead of Fed Minutes
