Investing.com - The U.S. dollar was little changed against the Canadian dollar on Thursday, following the release of broadly better-than-expected economic data from the U.S. and Canada.
USD/CAD hit 0.9957 during U.S. morning trade, the session low; the pair subsequently consolidated at 0.9959, dipping 0.08%.
The pair was likely to find support at 0.9910, Tuesday’s low and resistance at 1.0012, the high of November 1.
The U.S. Department of Labor said the number of people who filed for unemployment assistance in the U.S. fell to 355,000 last week, from 363,000 the previous week, compared to expectations for an increase to 370,000.
A separate report showed that the U.S trade deficit narrowed to USD41.5 billion in September from a deficit of USD43.8 billion in August, defying expectations for a deficit of USD45.0 billion.
In Canada, official data showed that the trade deficit narrowed to CAD0.8 billion in September from a deficit of CAD1.5 billion in August. Analysts had expected Canada’s trade deficit to widen to CAD2.0 billion.
Overall market sentiment continued to be weighed by concerns over the U.S. fiscal cliff, automatic tax hikes and spending cuts due to come into effect on January 1 unless lawmakers can reach an agreement, which could threaten U.S. and global growth.
Risk appetite found some support after European Central Bank President Mario Draghi said the euro zone was making progress in tackling the debt crisis, but he urged governments to continue with measures to reduce budget deficits.
The loonie, as the Canadian dollar is also known, was higher against the euro, with EUR/CAD down 0.28% to 1.2695.
Also Thursday, a successful Spanish bond auction eased pressure on Prime Minister Mariano Rajoy to request a bailout before the end of this year.
Spain sold EUR4.76 billion of three-year, five-year and 20-year bonds, which will allow the country to meet its financing requirements for 2012.
USD/CAD hit 0.9957 during U.S. morning trade, the session low; the pair subsequently consolidated at 0.9959, dipping 0.08%.
The pair was likely to find support at 0.9910, Tuesday’s low and resistance at 1.0012, the high of November 1.
The U.S. Department of Labor said the number of people who filed for unemployment assistance in the U.S. fell to 355,000 last week, from 363,000 the previous week, compared to expectations for an increase to 370,000.
A separate report showed that the U.S trade deficit narrowed to USD41.5 billion in September from a deficit of USD43.8 billion in August, defying expectations for a deficit of USD45.0 billion.
In Canada, official data showed that the trade deficit narrowed to CAD0.8 billion in September from a deficit of CAD1.5 billion in August. Analysts had expected Canada’s trade deficit to widen to CAD2.0 billion.
Overall market sentiment continued to be weighed by concerns over the U.S. fiscal cliff, automatic tax hikes and spending cuts due to come into effect on January 1 unless lawmakers can reach an agreement, which could threaten U.S. and global growth.
Risk appetite found some support after European Central Bank President Mario Draghi said the euro zone was making progress in tackling the debt crisis, but he urged governments to continue with measures to reduce budget deficits.
The loonie, as the Canadian dollar is also known, was higher against the euro, with EUR/CAD down 0.28% to 1.2695.
Also Thursday, a successful Spanish bond auction eased pressure on Prime Minister Mariano Rajoy to request a bailout before the end of this year.
Spain sold EUR4.76 billion of three-year, five-year and 20-year bonds, which will allow the country to meet its financing requirements for 2012.