Forex - Dollar hits new 1-month low vs Canadian dollar

Investing.com - The dollar fell to a fresh one-month low against its Canadian counterpart on Wednesday, as rising oil prices continued to boost demand for Canadian currency, while uncertainty about the timing of the next rise types United States still weighed on the dollar.USD / CAD hit 1.2655 during early US operations, the lowest since May 3; the pair subsequently consolidated at 1.2683, retreating 0.41%.The pair was likely to find support at 1.2458, the low of May 3 and a 10-month low and resistance at 1.2840, Tuesday's high.Oil prices rose for a third straight session on Wednesday amid supply speculation weekly data due later in the session will show crude inventories fell US at a faster than expected pace last week.But gains in the Canadian dollar as Statistics Canada reported that limited building permits fell 0.3% in April, disappointing expectations for a 1.5% increase. Building permits fell 6.3% in March, whose figure was revised from a previously estimated 7.0% fall.The data also showed that Canadian housing starts rose by 188,600 units last month, after an increase of 191,400 units in April, whose figure was revised down from a previously estimated gain of 191,500.Analysts had expected housing starts to rise by 190,000 in May.Meanwhile, the dollar remained under pressure from the President of the Federal Reserve, Janet Yellen, said on Monday that the US central bank will not raise interest rates until the uncertainty about the economic outlook is resolved.Yellen said he expects economic recovery to continue, but gave no indication of the date of an upcoming rate increase.The Canadian dollar was slightly higher against the euro, with EUR / CAD easing 0.08% to 1.4455