Investing.com - The U.S. dollar came off one-month lows against the Canadian dollar on Thursday, after data showed that U.S. initial jobless claims fell sharply last week, dropping to the lowest level since 2006.
USD/CAD pulled away from 1.0306, the lowest since August 16, to hit 1.0332 during early U.S. trade, rising 0.15%.
The pair was likely to find support at 1.0292, the low of August 16 and resistance at 1.0364, Wednesday’s high.
The Department of Labor said the number of people who filed for unemployment assistance in the U.S. fell by 31,000 to a seasonally adjusted 292,000 from 323,000 in the previous week.
However, the report said the decline was largely due to two states not processing all claims received because of computer upgrades.
The loonie, as the Canadian dollar is also known, was higher against the euro, with EUR/CAD down 0.18% to 1.3711.
The euro came under pressure after data showed that industrial production in the euro area fell 1.5% in July, the biggest drop in 12 months. Analysts had forecast a decline of 0.1%.
On a year-over-year basis, industrial production fell 2.1% in July, to the lowest level since April 2010, compared to forecasts for a 0.1% decline.
The weak data sparked concerns over the outlook for third quarter growth.
USD/CAD pulled away from 1.0306, the lowest since August 16, to hit 1.0332 during early U.S. trade, rising 0.15%.
The pair was likely to find support at 1.0292, the low of August 16 and resistance at 1.0364, Wednesday’s high.
The Department of Labor said the number of people who filed for unemployment assistance in the U.S. fell by 31,000 to a seasonally adjusted 292,000 from 323,000 in the previous week.
However, the report said the decline was largely due to two states not processing all claims received because of computer upgrades.
The loonie, as the Canadian dollar is also known, was higher against the euro, with EUR/CAD down 0.18% to 1.3711.
The euro came under pressure after data showed that industrial production in the euro area fell 1.5% in July, the biggest drop in 12 months. Analysts had forecast a decline of 0.1%.
On a year-over-year basis, industrial production fell 2.1% in July, to the lowest level since April 2010, compared to forecasts for a 0.1% decline.
The weak data sparked concerns over the outlook for third quarter growth.