Investing.com – The U.S. dollar bounced against its Canadian counterpart on Thursday, paring earlier losses as its clawed back up from a 12-day low to which it sank amid rising commodity prices.
USD/CAD hit 1.0377 during European early afternoon trade, shedding 0.06%, after rising from 1.0334, its lowest since May 18.
The pair was likely to find support at 1.0245, the low of May 18 and resistance at 1.0706, the high of May 27.
Earlier Thursday, the keenly anticipated ADP nonfarm payroll report showed that U.S. private sector employers continued to add more jobs in April, although at a slightly slower rate than forecast.
A separate report from the U.S. Labor Department showed that initial U.S. jobless claims dropped faster than expected last week.
The loonie rose slightly against the euro, meanwhile, with EUR/CAD shedding 0.02% to hit 1.2724.
Later in the day, the chairman of the U.S. Federal Reserve, Ben Bernanke, was due to speak at an event in Detroit. Traders were likely to scrutinize his comments for clues to future shifts in monetary policy.
USD/CAD hit 1.0377 during European early afternoon trade, shedding 0.06%, after rising from 1.0334, its lowest since May 18.
The pair was likely to find support at 1.0245, the low of May 18 and resistance at 1.0706, the high of May 27.
Earlier Thursday, the keenly anticipated ADP nonfarm payroll report showed that U.S. private sector employers continued to add more jobs in April, although at a slightly slower rate than forecast.
A separate report from the U.S. Labor Department showed that initial U.S. jobless claims dropped faster than expected last week.
The loonie rose slightly against the euro, meanwhile, with EUR/CAD shedding 0.02% to hit 1.2724.
Later in the day, the chairman of the U.S. Federal Reserve, Ben Bernanke, was due to speak at an event in Detroit. Traders were likely to scrutinize his comments for clues to future shifts in monetary policy.