Investing.com – The U.S. dollar erased gains against its Canadian counterpart on Thursday, falling to a fresh daily low after official data showed that U.S. initial jobless claims rose unexpectedly last week.
USD/CAD shed 0.03% to hit a fresh daily low of 1.0448 during European afternoon trade, after falling from a daily high of 1.0494.
The pair was likely to find support at 1.0302, Wednesday's low and resistance at 1.0585, the high of July 20.
Earlier in the day, government data showed that the number of individuals filing for initial jobless benefits in the U.S. last week rose unexpectedly.
In a report, the U.S. Department of Labor said the number of people filing for initial jobless benefits in the week ending August 7 rose to 484K, after to rising to a revised 482K in the preceding week.
Analysts had expected claims to decline to 465K.
The loonie was also up against the euro, with EUR/CAD shedding 0.08% to hit 1.3450.
On Wednesday, official data showed that Canada's trade deficit widened unexpectedly in June.
USD/CAD shed 0.03% to hit a fresh daily low of 1.0448 during European afternoon trade, after falling from a daily high of 1.0494.
The pair was likely to find support at 1.0302, Wednesday's low and resistance at 1.0585, the high of July 20.
Earlier in the day, government data showed that the number of individuals filing for initial jobless benefits in the U.S. last week rose unexpectedly.
In a report, the U.S. Department of Labor said the number of people filing for initial jobless benefits in the week ending August 7 rose to 484K, after to rising to a revised 482K in the preceding week.
Analysts had expected claims to decline to 465K.
The loonie was also up against the euro, with EUR/CAD shedding 0.08% to hit 1.3450.
On Wednesday, official data showed that Canada's trade deficit widened unexpectedly in June.