Investing.com - The U.S. dollar was steady close to five-week lows against the Canadian dollar on Thursday following the release of mixed economic data by both the U.S. and Canada.
USD/CAD hit 1.0147 during early U.S. trade, the pair’s lowest since February 20; the pair subsequently consolidated at 1.0166, inching up 0.04%.
The pair was likely to find support at 1.0108, the low of February 20 and resistance at 1.0194, Wednesday’s high.
The Canadian dollar briefly touched five-week highs after Statistics Canada said the economy expanded 0.2% in January, slightly above expectations for growth of 0.1%.
In the U.S., official data showed that gross domestic product expanded at an annual rate of 0.4% in the three months to December, lower than forecasts for a 0.5% expansion.
The growth rate was the slowest since the first quarter of 2011, but was higher than initial estimates for growth of 0.1%.
A separate report showed that the number of people who filed for initial unemployment assistance rose by 16,000 to a seasonally adjusted 357,000 last week, compared to expectations for an increase to 340,000.
The loonie, as the Canadian dollar is also known, was lower against the euro, with EUR/CAD rising 0.30% to 1.3028.
The U.S. was to release data on manufacturing activity in Chicago later in the trading day.
USD/CAD hit 1.0147 during early U.S. trade, the pair’s lowest since February 20; the pair subsequently consolidated at 1.0166, inching up 0.04%.
The pair was likely to find support at 1.0108, the low of February 20 and resistance at 1.0194, Wednesday’s high.
The Canadian dollar briefly touched five-week highs after Statistics Canada said the economy expanded 0.2% in January, slightly above expectations for growth of 0.1%.
In the U.S., official data showed that gross domestic product expanded at an annual rate of 0.4% in the three months to December, lower than forecasts for a 0.5% expansion.
The growth rate was the slowest since the first quarter of 2011, but was higher than initial estimates for growth of 0.1%.
A separate report showed that the number of people who filed for initial unemployment assistance rose by 16,000 to a seasonally adjusted 357,000 last week, compared to expectations for an increase to 340,000.
The loonie, as the Canadian dollar is also known, was lower against the euro, with EUR/CAD rising 0.30% to 1.3028.
The U.S. was to release data on manufacturing activity in Chicago later in the trading day.