Investing.com - The U.S. dollar rose to five month highs against the Canadian dollar on in thin trade on Wednesday ahead of Thursday’s U.S. Thanksgiving holiday, as sharply lower crude oil prices weighed on the Canadian dollar.
USD/CAD was up 0.45% to 1.0587, the highest since July 7 during early U.S. trade from 1.0539 on Tuesday.
The pair was likely to find support at 1.0519, Tuesday’s low and near-term resistance at 1.0600.
The greenback remained supported after a batch of mixed U.S. economic data did little to shift expectations that the Federal Reserve will start to taper its stimulus program at one of its next few meetings.
The Department of Labor said the number of individuals filing for initial jobless benefits last week declined by 10,000 to a two month low of 316,000. Economists had forecast an increase of 4,000.
The data was released one day early due to the U.S. holiday on Thursday.
A separate report showed that U.S. durable goods orders fell 2% in October, worse than expectations for a 1.9% decline, while core durable goods orders were down 0.1%, compared to expectations for a 0.5% increase.
The U.S. was to release data on manufacturing activity in the Chicago area later Wednesday.
The Canadian dollar came under pressure after U.S. crude oil futures fell to five month lows on Wednesday, following bearish supply data from the American Petroleum Institute on Tuesday. The U.S. was to release government data on crude stockpiles later in the session.
Crude oil is Canada’s largest export and its currency is sensitive to fluctuations in oil prices.
Elsewhere, the loonie, as the Canadian dollar is also known, was lower against the euro, with EUR/CAD advancing 0.60% to 1.4393.
The euro was boosted after data on Wednesday showed that the forward looking Gfk index of German consumer climate rose to a six year high of 7.4 for December from 7.1 in November.
USD/CAD was up 0.45% to 1.0587, the highest since July 7 during early U.S. trade from 1.0539 on Tuesday.
The pair was likely to find support at 1.0519, Tuesday’s low and near-term resistance at 1.0600.
The greenback remained supported after a batch of mixed U.S. economic data did little to shift expectations that the Federal Reserve will start to taper its stimulus program at one of its next few meetings.
The Department of Labor said the number of individuals filing for initial jobless benefits last week declined by 10,000 to a two month low of 316,000. Economists had forecast an increase of 4,000.
The data was released one day early due to the U.S. holiday on Thursday.
A separate report showed that U.S. durable goods orders fell 2% in October, worse than expectations for a 1.9% decline, while core durable goods orders were down 0.1%, compared to expectations for a 0.5% increase.
The U.S. was to release data on manufacturing activity in the Chicago area later Wednesday.
The Canadian dollar came under pressure after U.S. crude oil futures fell to five month lows on Wednesday, following bearish supply data from the American Petroleum Institute on Tuesday. The U.S. was to release government data on crude stockpiles later in the session.
Crude oil is Canada’s largest export and its currency is sensitive to fluctuations in oil prices.
Elsewhere, the loonie, as the Canadian dollar is also known, was lower against the euro, with EUR/CAD advancing 0.60% to 1.4393.
The euro was boosted after data on Wednesday showed that the forward looking Gfk index of German consumer climate rose to a six year high of 7.4 for December from 7.1 in November.