Investing.com – The Canadian dollar surged to a fresh 3-week high against its U.S. counterpart on Thursday, after official data showed that Canada’s trade surplus in April fell short of forecasts.
USD/CAD hit 1.0453 during European afternoon trade, its lowest since May 18; the pair subsequently consolidated around 1.0311 gaining 1.29%.
The pair was likely to find resistance at 1.0611, Tuesday’s high and resistance at 1.011, the low of May 13.
Also Thursday, the U.S. Bureau of Economic Analysis said the United States posted a trade deficit in goods and services of USD 40.3 billion during the April, up from a deficit of USD 40.1 billion in March.
In a separate report, the U.S. Labor Department said that the number of U.S. workers filing for unemployment benefits exceeded forecasts last week.
The loonie was also up against the euro, with EUR/CAD shedding 0.31% to hit 1.2474.
Later in the day, the U.S. Treasury was due to publish a report on the monthly Federal budget balance.
USD/CAD hit 1.0453 during European afternoon trade, its lowest since May 18; the pair subsequently consolidated around 1.0311 gaining 1.29%.
The pair was likely to find resistance at 1.0611, Tuesday’s high and resistance at 1.011, the low of May 13.
Also Thursday, the U.S. Bureau of Economic Analysis said the United States posted a trade deficit in goods and services of USD 40.3 billion during the April, up from a deficit of USD 40.1 billion in March.
In a separate report, the U.S. Labor Department said that the number of U.S. workers filing for unemployment benefits exceeded forecasts last week.
The loonie was also up against the euro, with EUR/CAD shedding 0.31% to hit 1.2474.
Later in the day, the U.S. Treasury was due to publish a report on the monthly Federal budget balance.