Investing.com - The U.S. dollar rose to session highs against the Canadian dollar on Thursday, after data showed that the number of people who filed for unemployment assistance in the U.S. last week fell-more-than forecast.
USD/CAD rose 0.42% to 1.0491 during early U.S. trade, up from 1.0451 on Wednesday.
The pair was likely to find support at 1.0435, Wednesday’s low and resistance at 1.0507, the high of November 12.
The Department of Labor said the said the number of people filing for initial jobless benefits in the U.S. last week fell by 21,000 to a seasonally adjusted 323,000, beating expectations for a decline of 9,000.
A separate report showed that U.S. producer price inflation declined 0.2% in October, in line with expectations.
The data came after Wednesday’s minutes of the Federal Reserve’s October meeting indicated that the bank could start scaling back its stimulus program in the “coming months” if the economy continues to improve as expected.
Elsewhere, the loonie, as the Canadian dollar is also known, was lower against the euro, with EUR/CAD rising 0.55% to 1.4118.
The euro was boosted after European Central Bank President Mario Draghi downplayed speculation over negative deposit rates in the euro zone during a speech in Germany.
Data released earlier on Thursday showed that manufacturing activity in the euro zone expanded in line with forecasts in November, but service sector activity declined unexpectedly, indicating that the recovery in the bloc is losing momentum.
USD/CAD rose 0.42% to 1.0491 during early U.S. trade, up from 1.0451 on Wednesday.
The pair was likely to find support at 1.0435, Wednesday’s low and resistance at 1.0507, the high of November 12.
The Department of Labor said the said the number of people filing for initial jobless benefits in the U.S. last week fell by 21,000 to a seasonally adjusted 323,000, beating expectations for a decline of 9,000.
A separate report showed that U.S. producer price inflation declined 0.2% in October, in line with expectations.
The data came after Wednesday’s minutes of the Federal Reserve’s October meeting indicated that the bank could start scaling back its stimulus program in the “coming months” if the economy continues to improve as expected.
Elsewhere, the loonie, as the Canadian dollar is also known, was lower against the euro, with EUR/CAD rising 0.55% to 1.4118.
The euro was boosted after European Central Bank President Mario Draghi downplayed speculation over negative deposit rates in the euro zone during a speech in Germany.
Data released earlier on Thursday showed that manufacturing activity in the euro zone expanded in line with forecasts in November, but service sector activity declined unexpectedly, indicating that the recovery in the bloc is losing momentum.