Investing.com - The U.S. dollar was lower against the Canadian dollar in volatile trade on Thursday following the release of a series of mixed U.S. economic data as speculation over how soon the Federal Reserve may start tapering stimulus continued.
USD/CAD hit 1.0364 during early U.S. trade, the session high; the pair subsequently fell back to 1.0329, 0.10% lower for the day.
The pair was likely to find support at 1.0279, the low of August 12 and resistance at 1.0362, the session high.
The greenback briefly touched session highs after the Department of Labor said the number of people who filed for unemployment assistance in the U.S. fell to the lowest level since January 2008 last week, dropping by 15,000 to 320,000.
A separate report showed that U.S. consumer prices rose by a seasonally adjusted 0.2% in July, in line with forecasts. Core consumer prices, excluding food and energy costs, also rose 0.2%, matching forecasts.
The data reinforced the view that the economic recovery is strong enough for the Federal Reserve to start phasing out its stimulus program later this year.
But the greenback gave up gains after a report showed that U.S. industrial production was flat last month. Economists had expected industrial production to rise 0.3% in July.
The loonie, as the Canadian dollar is also known, was higher against the euro, with EUR/CAD down 0.22% to 1.3672.
The U.S. was to release a manufacturing report from the Philly Fed later in the trading day.
USD/CAD hit 1.0364 during early U.S. trade, the session high; the pair subsequently fell back to 1.0329, 0.10% lower for the day.
The pair was likely to find support at 1.0279, the low of August 12 and resistance at 1.0362, the session high.
The greenback briefly touched session highs after the Department of Labor said the number of people who filed for unemployment assistance in the U.S. fell to the lowest level since January 2008 last week, dropping by 15,000 to 320,000.
A separate report showed that U.S. consumer prices rose by a seasonally adjusted 0.2% in July, in line with forecasts. Core consumer prices, excluding food and energy costs, also rose 0.2%, matching forecasts.
The data reinforced the view that the economic recovery is strong enough for the Federal Reserve to start phasing out its stimulus program later this year.
But the greenback gave up gains after a report showed that U.S. industrial production was flat last month. Economists had expected industrial production to rise 0.3% in July.
The loonie, as the Canadian dollar is also known, was higher against the euro, with EUR/CAD down 0.22% to 1.3672.
The U.S. was to release a manufacturing report from the Philly Fed later in the trading day.