Investing.com - The U.S. dollar eased off a four-month low against its Canadian counterpart on Thursday, helped by the release of strong U.S. economic growth data, although rising oil prices still lent some support to the commodity-related Canadian currency.
USD/CAD eased off 1.3006, the pair’s lowest since February 16, to hit 1.3036 during early U.S. trade, steady for the day.
The pair was likely to find support at 1.3007, the lowest since February 16 and resistance at 1.3199, Wednesday’s high.
Official data showed that U.S. gross domestic product rose 1.4% in the first quarter, revised up from the previous reading of a 1.2% expansion. Analysts had expected growth to remain unchanged from the prior revision.
On a less positive note, the U.S. Department of Labor said initial jobless claims in the week ending June 24 increased by 2,000 to 244,000 from the previous week’s revised total of 242,000. Analysts expected jobless claims to fall by 2,000 to 240,000 last week.
But the Canadian dollar was still supported by climbing oil prices on Thursday, after U.S. government data revealed the biggest weekly decline in domestic crude production in almost a year.
The loonie was lower against the euro, with EUR/CAD up 0.26% at 1.4872.