Forex – USD/CAD Little Changed After U.S., Canadian Data

Forex – USD/CAD Little Changed After U.S., Canadian Data

© Reuters.  Greenback holds steady vs. loonie after downbeat U.S. data© Reuters. Greenback holds steady vs. loonie after downbeat U.S. data – The U.S. dollar was little changed against its Canadian counterpart on Friday, after the release of disappointing U.S. and Canadian data and as fresh U.S. tax reform woes coupled with the Federal Reserve’s latest policy meeting continued to dampen demand for the greenback.

was at 1.2794 by 09:30 a.m. ET (13:00 GMT).

The New York Federal Reserve reported on Friday that its Empire State manufacturing index fell to in December from 19.4 the previous month, confounding expectations for a reading of 18.6.

The greenback had already come under pressure after two U.S. Republican senators on Thursday to the proposed U.S. tax reform bill.

The bill needs a simple majority to pass in the Senate, in which Republicans hold just 52 of the 100 seats.

On Wednesday, the Fed raised interest rates by 0.25 basis points to at the conclusion of its policy meeting, in line with expectations.

However, the central bank , which include three more interest rate hikes in both 2018 and 2019, disappointing expectations for four rate hikes next year.

In Canada, data showed that manufacturing sales fell in October, compared to expectations for a 0.8% rise.

The loonie was also steady against the euro, with at 1.5076.

Disclaimer:Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.