On Monday the U.S. dollar was lower against its Canadian peer,
as Friday's downbeat U.S. economic data dampened optimism over the
strength of the country's recovery, weighing broadly on the greenback.
USD/CAD hit 1.2150 during early U.S. trade, the session low; the pair subsequently consolidated at 1.2131, sliding 0.38%. The pair was likely to find support at 1.2084, the low of April 17 and a three-month low and resistance at 1.2271, the high of April 23.
On Friday the US Commerce Department reported that orders for durable goods, excluding aircraft, fell 0.5% in March, after a downwardly revised 2.2% drop in February. The headline figure climbed 4.0%, beating expectations for a 0.6% gain, but investors focused on underlying weakness in the report.
The data came after recent weak reports on home sales, retail sales and industrial production, adding to signs of a slowdown in economic growth since the start of the year and undermining investors' expectations on the timing of an initial rate hike by the Federal Reserve.
The Canadian dollar was higher against the euro, with EUR/CAD retreating 0.51% to 1.3174.
Sentiment on the euro remained fragile after euro area finance ministers said Friday that Greece must present a full economic reform plan by early May in order to access any further funding.
