Investing.com - The U.S. dollar was trading in a narrow range close to parity against the Canadian dollar on Thursday, following the release of better-than-expected U.S. data on initial jobless claims and ADP nonfarm payrolls.
USD/CAD hit 0.9992 during early U.S. trade, the session low; the pair subsequently consolidated at 0.9994, inching up 0.01%.
The pair was likely to find support at 0.9941, the low of October 26 and resistance at 1.0012, the session high.
Risk appetite was boosted after the Department of Labor said the number of individuals filing for initial jobless benefits fell to 363,000 last week from 372,000 the previous week, compared to expectations for a decline to 370,000.
The previous week’s figure was revised up to 372,000 from a previously reported 369,000.
The data came on the heels of a report showing that U.S. private sector employment increased more-than-expected in October.
Payroll processing firm ADP said the U.S. private sector added 158,000 jobs this month, surpassing expectations for an increase of 135,000.
The previous month’s figure was revised down to a gain of 88,200 from a previously reported increase of 162,000.
But market sentiment continued to be weighed by ongoing uncertainty over when Spain may request a bailout and whether Greece will secure the next tranche of its bailout funding.
Investors also remained cautious ahead of U.S. government data on nonfarm payrolls on Friday and the U.S. presidential elections next week.
The loonie, as the Canadian dollar is also known, was fractionally lower against the euro, with EUR/CAD edging up 0.09% to 1.2963.
Later in the day, the Institute of Supply Management was to publish data on U.S. manufacturing activity.
USD/CAD hit 0.9992 during early U.S. trade, the session low; the pair subsequently consolidated at 0.9994, inching up 0.01%.
The pair was likely to find support at 0.9941, the low of October 26 and resistance at 1.0012, the session high.
Risk appetite was boosted after the Department of Labor said the number of individuals filing for initial jobless benefits fell to 363,000 last week from 372,000 the previous week, compared to expectations for a decline to 370,000.
The previous week’s figure was revised up to 372,000 from a previously reported 369,000.
The data came on the heels of a report showing that U.S. private sector employment increased more-than-expected in October.
Payroll processing firm ADP said the U.S. private sector added 158,000 jobs this month, surpassing expectations for an increase of 135,000.
The previous month’s figure was revised down to a gain of 88,200 from a previously reported increase of 162,000.
But market sentiment continued to be weighed by ongoing uncertainty over when Spain may request a bailout and whether Greece will secure the next tranche of its bailout funding.
Investors also remained cautious ahead of U.S. government data on nonfarm payrolls on Friday and the U.S. presidential elections next week.
The loonie, as the Canadian dollar is also known, was fractionally lower against the euro, with EUR/CAD edging up 0.09% to 1.2963.
Later in the day, the Institute of Supply Management was to publish data on U.S. manufacturing activity.