Investing.com – The U.S. dollar slipped to a session low against its Canadian counterpart on Thursday, as market sentiment strengthened after upbeat U.S. and Canadian data supported demand for higher-yielding assets.
USD/CAD hit 1.0167 during early U.S. trade, the session low; the pair subsequently consolidated at 1.0185, shedding 0.58%.
The pair was likely to find support at 1.0077, Wednesday’s low and resistance at 1.0265, the day’s high and a four-week high.
Sentiment was boosted after U.S. government data showed that that the number of people who filed for unemployment assistance last week fell to a seven-month low.
The Department of Labor said initial jobless claims for the week ending November 4 fell by 10,000 to a seasonally adjusted 390,000. Analysts had expected jobless claims to hold steady at 400,000. The previous week’s figure was revised up to 400,000 from 397,000.
Meanwhile, Canada posted an unexpected surplus in September, on the back of a decline in imports and a strong rise in exports.
The data came as yields on Italian 10-year bonds eased off euro-era highs after a less expensive-than-expected auction of Italian government debt earlier in the day.
The broadly weaker U.S. dollar also supported crude oil prices, with the December crude contract on the New York Mercantile Exchange jumping 1.66% to trade close to a three-month high of USD97.36 a barrel.
Raw materials, including oil account for about half of Canada’s export revenue.
The Canadian dollar was fractionally higher against the euro, with EUR/CAD dipping 0.05% to hit 1.3867.
Also Thursday, former European Central Bank Vice-President Lucas Papademos was named as Greece’s new interim prime minister, following days of talks amid a scramble to avert an imminent Greek default.
USD/CAD hit 1.0167 during early U.S. trade, the session low; the pair subsequently consolidated at 1.0185, shedding 0.58%.
The pair was likely to find support at 1.0077, Wednesday’s low and resistance at 1.0265, the day’s high and a four-week high.
Sentiment was boosted after U.S. government data showed that that the number of people who filed for unemployment assistance last week fell to a seven-month low.
The Department of Labor said initial jobless claims for the week ending November 4 fell by 10,000 to a seasonally adjusted 390,000. Analysts had expected jobless claims to hold steady at 400,000. The previous week’s figure was revised up to 400,000 from 397,000.
Meanwhile, Canada posted an unexpected surplus in September, on the back of a decline in imports and a strong rise in exports.
The data came as yields on Italian 10-year bonds eased off euro-era highs after a less expensive-than-expected auction of Italian government debt earlier in the day.
The broadly weaker U.S. dollar also supported crude oil prices, with the December crude contract on the New York Mercantile Exchange jumping 1.66% to trade close to a three-month high of USD97.36 a barrel.
Raw materials, including oil account for about half of Canada’s export revenue.
The Canadian dollar was fractionally higher against the euro, with EUR/CAD dipping 0.05% to hit 1.3867.
Also Thursday, former European Central Bank Vice-President Lucas Papademos was named as Greece’s new interim prime minister, following days of talks amid a scramble to avert an imminent Greek default.