Investing.com – The Canadian dollar fell to a seven-day low against its U.S. counterpart on Thursday, as oil, Canada’s largest export, retreated following government data showing that U.S jobless claims rose unexpectedly last week.
USD/CAD hit 0.9669 during early U.S. trade, the pair’s highest since April 5; the pair subsequently consolidated at 0.9654, gaining 0.32%.
The pair was likely to find support at 0.9584, Wednesday’s low and resistance at 0.9692, the high of April 5.
The Department of Labor said initial claims for state unemployment benefits rose 27,000 to a seasonally adjusted 412,000. The prior week's figure was revised up to 385,000 from the previously reported 382,000. Analysts had expected jobless claims to slip to 380,000.
A separate report showed that U.S. producer price inflation rose less-than-expected in March, while core inflation, which excludes volatile food and energy costs, rose only slightly more-than-expected.
Following the data, crude for May delivery on the New York Mercantile Exchange was down 0.21% to USD106.92 a barrel, after peaking at USD107.57 earlier in the day.
The loonie was also down against the euro, with EUR/CAD easing up 0.13% to hit 1.3915.
Also Thursday, official data showed that Canadian manufacturing sales declined unexpectedly in February, led lower by declines in the manufacture of transportation equipment.
USD/CAD hit 0.9669 during early U.S. trade, the pair’s highest since April 5; the pair subsequently consolidated at 0.9654, gaining 0.32%.
The pair was likely to find support at 0.9584, Wednesday’s low and resistance at 0.9692, the high of April 5.
The Department of Labor said initial claims for state unemployment benefits rose 27,000 to a seasonally adjusted 412,000. The prior week's figure was revised up to 385,000 from the previously reported 382,000. Analysts had expected jobless claims to slip to 380,000.
A separate report showed that U.S. producer price inflation rose less-than-expected in March, while core inflation, which excludes volatile food and energy costs, rose only slightly more-than-expected.
Following the data, crude for May delivery on the New York Mercantile Exchange was down 0.21% to USD106.92 a barrel, after peaking at USD107.57 earlier in the day.
The loonie was also down against the euro, with EUR/CAD easing up 0.13% to hit 1.3915.
Also Thursday, official data showed that Canadian manufacturing sales declined unexpectedly in February, led lower by declines in the manufacture of transportation equipment.