Investing.com - The U.S. dollar pared losses against its Canadian counterpart on Thursday, easing off a two-month trough as the release of positive U.S. economic reports sent the greenback broadly higher.
USD/CAD eased off 1.2874, the pair's lowest since July 29, to hit 1.2940 during early U.S. trade, steady for the day.The pair was likely to find support at 1.2858, the low of July 29 and resistance at 1.3080, Tuesday's high.
The U.S. Department of Labor reported on Thursday that the number of individuals filing for initial jobless benefits in the week ending October 10 decreased by 7,000 to 255,000 from the previous week’s total of 262,000.
Analysts had expected jobless claims to rise by 8,000 to 270,000.
Separately, the U.S. Commerce Department said that consumer prices fell 0.2% last month, matching forecasts and following a fall of 0.1% in August.
Year-over-year, consumer prices were flat in September, compared to expectations for a 0.1% slip.
Core consumer prices, which exclude food and energy costs, increased by 0.2%, above expectations for a gain of 0.1%.
In addition, the Federal Reserve Bank of New York said that its general business conditions index improved to -11.4 this month from a reading of -14.7 in September. Analysts had expected the index to rise to -8.0 in October.
The loonie was higher against the euro, with EUR/CAD declining 0.77% to 1.4725.