USD/CAD hit 0.9824 on Thursday, the pair’s lowest since October 18; the pair subsequently consolidated at 0.9853 by close of trade on Friday, 0.17% lower for the week.
The pair is likely to find support at 0.9801,and resistance at 0.9932.
The Canadian dollar turned lower after official data showed that domestic manufacturing sales fell unexpectedly in October, as the stronger Canadian dollar and a slowdown in global economic growth weighed.
Statistics Canada said manufacturing sales fell 1.4% in October from the previous month, the largest drop in nine months.
The weak data fuelled concerns that Canada’s October growth figures, due out on Friday, would be below forecasts.
In the week ahead, investors will be continuing to monitor the progress on talks in Washington on the fiscal cliff. Market participants will also be awaiting Canadian data on retail sales, inflation and economic growth.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
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