Investing.com – The U.S. dollar was down against its Canadian counterpart on Thursday, tumbling to a fresh 2-day low as crude oil prices rallied on the back of broad U.S. dollar weakness.
USD/CAD hit 1.0156 during European afternoon trade, the pair’s lowest since Tuesday; the pair subsequently consolidated at 1.0167, tumbling 0.76%.
The pair was likely to find support at 1.0069, Tuesday’s low and resistance at 1.0260, Wednesday’s high.
Earlier in the day, crude oil prices jumped 1.62% to hit USD 81.80 a barrel. The Canadian dollar closely tracks changes in crude oil prices as Canada is a major supplier of crude oil to the U.S.
Elsewhere, official data showed that foreign investors acquisitions of Canadian securities rose unexpectedly in September. Statistics Canada said that foreign investment rose to a seasonally adjusted CAD 12.25 billion in September, after rising to an upwardly revised CAD 10.37 billion in August.
Analysts had expected foreign investment to decline to CAD 9.21 billion in September.
Meanwhile, the loonie was down against the euro, with EUR/CAD gaining 0.07% to hit 1.3873.
Also Thursday, official data showed that U.S. initial jobless claims rose less-than-expected last week.
USD/CAD hit 1.0156 during European afternoon trade, the pair’s lowest since Tuesday; the pair subsequently consolidated at 1.0167, tumbling 0.76%.
The pair was likely to find support at 1.0069, Tuesday’s low and resistance at 1.0260, Wednesday’s high.
Earlier in the day, crude oil prices jumped 1.62% to hit USD 81.80 a barrel. The Canadian dollar closely tracks changes in crude oil prices as Canada is a major supplier of crude oil to the U.S.
Elsewhere, official data showed that foreign investors acquisitions of Canadian securities rose unexpectedly in September. Statistics Canada said that foreign investment rose to a seasonally adjusted CAD 12.25 billion in September, after rising to an upwardly revised CAD 10.37 billion in August.
Analysts had expected foreign investment to decline to CAD 9.21 billion in September.
Meanwhile, the loonie was down against the euro, with EUR/CAD gaining 0.07% to hit 1.3873.
Also Thursday, official data showed that U.S. initial jobless claims rose less-than-expected last week.