Investing.com - The U.S. dollar rose to session highs against the Canadian dollar on Thursday after data showed that U.S. second quarter growth was revised higher and jobless claims fell, indicating that the recovery is on track.
USD/CAD hit 1.0515 during early U.S. trade, the highest since Tuesday; the pair subsequently consolidated at 1.0503, gaining 0.15%.
The pair was likely to find support at 1.0470, Wednesday’s low and resistance at 1.0538, Tuesday’s high.
The Commerce Department said gross domestic product expanded at an annual rate of 2.5% in the three months to June, above expectations for growth of 2.2% and up from a preliminary estimate of 1.7%.
In a separate report, the Department of Labor said the number of people who filed for unemployment assistance fell to the lowest level since October 2007 last week.
The number of people filing for initial jobless benefits in the week ending August 23 fell by 6,000 to a seasonally adjusted 331,000, compared to forecasts for a decline of 5,000.
The upbeat data reinforced the view that the Federal Reserve could start phasing out stimulus measures as soon as next month.
The loonie, as the Canadian dollar is also known, was higher against the euro, with EUR/CAD falling 0.57% to 1.3907.
USD/CAD hit 1.0515 during early U.S. trade, the highest since Tuesday; the pair subsequently consolidated at 1.0503, gaining 0.15%.
The pair was likely to find support at 1.0470, Wednesday’s low and resistance at 1.0538, Tuesday’s high.
The Commerce Department said gross domestic product expanded at an annual rate of 2.5% in the three months to June, above expectations for growth of 2.2% and up from a preliminary estimate of 1.7%.
In a separate report, the Department of Labor said the number of people who filed for unemployment assistance fell to the lowest level since October 2007 last week.
The number of people filing for initial jobless benefits in the week ending August 23 fell by 6,000 to a seasonally adjusted 331,000, compared to forecasts for a decline of 5,000.
The upbeat data reinforced the view that the Federal Reserve could start phasing out stimulus measures as soon as next month.
The loonie, as the Canadian dollar is also known, was higher against the euro, with EUR/CAD falling 0.57% to 1.3907.