Investing.com - The U.S. dollar rose against its Canadian counterpart on Friday, hovering at seven-month highs as optimism over the U.S. economic outlook supported the greenback, while tumbling oil prices continued weigh on the Canadian currency.
USD/CAD hit 1.3542 during early U.S. trade, the pair’s highest since March; the pair subsequently consolidated at 1.3516, gaining 0.34%.
The pair was likely to find support at 1.3380, Thursday’s low and resistance at 1.3553.
The dollar found support as investors began to think that a Trump presidency may not be as bad for financial markets as initially expected.
Market participants were especially hoping to see Trump's policies boost spending and inflation.
The greenback was also boosted after the U.S. Department of Labor said on Thursday that initial jobless claims decreased by 11,000 to 254,000 in the week ending November 5. Analysts had expected jobless claims to drop by 5,000 to 260,000 last week.
Meanwhile, the commodity-related Canadian dollar weakened due to sharply lower Crude Oil amid sustained global supply glut concerns.
The loonie was lower against the euro, with EUR/CAD rising 0.25% to 1.4716.