Investing.com - The U.S. dollar was trading close to five-week lows against the Canadian dollar on Wednesday after data showed that the U.S. private sector added far fewer jobs than expected last month.
USD/CAD hit 1.0132 during early U.S. trade, the session low; the pair subsequently consolidated at 1.0133, shedding 0.14%.
The pair was likely to find near-term support at 1.0124, Tuesday’s low and a five-week low and resistance at 1.0154, the session high.
A report showed that ADP nonfarm payrolls increased by a seasonally adjusted 158,000 in March, well below expectations for an increase of 200,000, following an upwardly revised gain of 237,000 the previous month.
While not viewed as a reliable guide for the government jobs report due Friday, the ADP data does give guidance on private-sector hiring.
Demand for the growth linked Canadian dollar was boosted earlier after a report showed that China's HSBC’s services purchasing managers’ index rose to a six-month high of 54.3 in March, while the official version of the services PMI rose to 55.6 in March from 54.5 in February.
The loonie, as the Canadian dollar is also known, was little changed against the euro, with EUR/CAD dipping 0.07% to 1.2997.
The Institute of Supply Management was release a report on U.S. service sector activity later in the trading day.
USD/CAD hit 1.0132 during early U.S. trade, the session low; the pair subsequently consolidated at 1.0133, shedding 0.14%.
The pair was likely to find near-term support at 1.0124, Tuesday’s low and a five-week low and resistance at 1.0154, the session high.
A report showed that ADP nonfarm payrolls increased by a seasonally adjusted 158,000 in March, well below expectations for an increase of 200,000, following an upwardly revised gain of 237,000 the previous month.
While not viewed as a reliable guide for the government jobs report due Friday, the ADP data does give guidance on private-sector hiring.
Demand for the growth linked Canadian dollar was boosted earlier after a report showed that China's HSBC’s services purchasing managers’ index rose to a six-month high of 54.3 in March, while the official version of the services PMI rose to 55.6 in March from 54.5 in February.
The loonie, as the Canadian dollar is also known, was little changed against the euro, with EUR/CAD dipping 0.07% to 1.2997.
The Institute of Supply Management was release a report on U.S. service sector activity later in the trading day.