Investing.com - The U.S. dollar rose to almost two-month highs against the Canadian dollar on Thursday as investors awaited a Senate hearing to confirm Janet Yellen as the first chairwoman of the Federal Reserve.
USD/CAD was up 0.43% to 1.0501 from 1.0453 on Wednesday.
The pair was likely to find support at 1.0439, the session low and resistance at 1.0541, the high of September 4.
Market participants were looking to the hearing for indications on the future course of U.S. monetary policy following dovish remarks by Ms. Yellen Wednesday.
In a prepared statement, Ms. Yellen said the job market and economy are "performing far short of their potential" and there is "more work to do" on recovery.
In Canada, data on Thursday showed that the nation’s trade deficit narrowed to CAD0.44 billion in September from a deficit of CAD1.09 billion the previous month. Economists had expected the trade deficit to narrow to CAD1.0 billion.
The report said exports rose 1.8% in September, while imports were just 0.2% higher.
In the U.S., the Labor Department said the number of individuals filing for initial jobless benefits last week declined by 2,000 to a seasonally adjusted 339,000. Analysts had expected U.S. jobless claims to fall by 11,000.
A separate report showed that the U.S. trade deficit widened to USD41.8 billion in September from a deficit of USD38.7 billion in August.
Elsewhere, the loonie, as the Canadian dollar is also known, was slightly lower against the euro, with EUR/CAD easing up 0.12% to 1.4120.
The euro remained under pressure after data on Thursday showed that the euro zone economy expanded by 0.1% in the three months to September, slowing from the 0.3% growth achieved in the second quarter when the euro zone exited a recession. Economist had forecast quarter-on-quarter growth of 0.2%.
The euro zone economy contracted at an annual rate of 0.4% in the third quarter, worse than expectations for a 0.3% contraction, after shrinking at an annual rate of 0.6% in the previous quarter.
USD/CAD was up 0.43% to 1.0501 from 1.0453 on Wednesday.
The pair was likely to find support at 1.0439, the session low and resistance at 1.0541, the high of September 4.
Market participants were looking to the hearing for indications on the future course of U.S. monetary policy following dovish remarks by Ms. Yellen Wednesday.
In a prepared statement, Ms. Yellen said the job market and economy are "performing far short of their potential" and there is "more work to do" on recovery.
In Canada, data on Thursday showed that the nation’s trade deficit narrowed to CAD0.44 billion in September from a deficit of CAD1.09 billion the previous month. Economists had expected the trade deficit to narrow to CAD1.0 billion.
The report said exports rose 1.8% in September, while imports were just 0.2% higher.
In the U.S., the Labor Department said the number of individuals filing for initial jobless benefits last week declined by 2,000 to a seasonally adjusted 339,000. Analysts had expected U.S. jobless claims to fall by 11,000.
A separate report showed that the U.S. trade deficit widened to USD41.8 billion in September from a deficit of USD38.7 billion in August.
Elsewhere, the loonie, as the Canadian dollar is also known, was slightly lower against the euro, with EUR/CAD easing up 0.12% to 1.4120.
The euro remained under pressure after data on Thursday showed that the euro zone economy expanded by 0.1% in the three months to September, slowing from the 0.3% growth achieved in the second quarter when the euro zone exited a recession. Economist had forecast quarter-on-quarter growth of 0.2%.
The euro zone economy contracted at an annual rate of 0.4% in the third quarter, worse than expectations for a 0.3% contraction, after shrinking at an annual rate of 0.6% in the previous quarter.