Investing.com - The U.S. dollar edged higher against its Canadian counterpart on Thursday, supported by positive U.S. jobless claims data but gains were expected to remain limited as the minutes of the Federal Reserve's latest policy meeting continued to weigh.
USD/CAD hit 1.1126 during European afternoon trade, the session high; the pair subsequently consolidated at 1.1121, adding 0.10%.
The pair was likely to find support at 1.1067, the low of October 2 and resistance at 1.1199, the high of October 7.
In a report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending October 4 decreased by 1,000 to 287,000 from the previous week’s revised total of 288,000.
Analysts had expected jobless claims to rise by 6,000 to 294,000 last week.
The greenback fell to one-week lows against the Canadian dollar earlier in the session, after the minutes of the Fed's September 16-17 policy on Wednesday showed that a number of officials believe the bank's current language painted the wrong picture on the timing of rate hikes and that an interest rate rise should be tied to U.S. economic progress.
The minutes also showed that the U.S. central bank cut its growth outlook due to the higher dollar and concerns over global weakness.
In Canada, data on Thursday showed that new house prices rose 0.3% in August, more than the expected 0.2% gain, after a flat reading in July.
The loonie was little changed against the euro, with EUR/CAD inching up 0.03% to 1.4152.