© Reuters. The USD/CAD is progressing but should be limited
Investing.com – The u.s. dollar rose against its canadian counterpart on Monday, as the greenback found some support after the widespread decline of the last week, although the gains should remain limited.
The USD / CAD rose 0.25% to 1,2339 at 9: 30 a.m. (13 h 30 GMT), near the lowest in four months of 1,2281 recorded last Thursday.
The dollar found some support after data on the u.s. GDP on Friday showed that domestic consumption and capital spending remained strong even if the overall figure was lower than expected due to an increase in imports.
Data on Monday showed that personal income in the United States increased 0.4% in December, beating expectations of a 0.3% increase, while personal spending rose by only 0.4%, compared to expectations for a 0.5% gain.
But the sentiment on the greenback remained fragile after the us Treasury secretary, Steven Mnuchin, had said last week that the u.s. dollar was lower for the american trade.
President Donald Trump has contradicted Mnuchin in defeating the need for a strong currency, but traders are concerned that the White House uses the monetary policy as a tool to get better trade agreements with other countries.
In addition, the canadian dollar has experienced downward pressure due to a drop in oil prices on Monday, although they have remained close to the highest peaks in recent years.
The loonie climbs against the euro, with EUR / CAD down 0.32% at 1.5247.