Investing.com - The U.S. dollar was little changed against the Canadian dollar on Thursday, after the minutes of the Federal Reserve’s August meeting indicated that the bank may be moving towards implementing more economic stimulus measures.
USD/CAD hit 0.9886 during early U.S. trade, the session low; the pair subsequently consolidated at 0.9917, inching up 0.04%.
The pair was likely to find support at 0.9862, the low of August 17 and near-term resistance at 0.9939, the high of August 14.
The greenback came under pressure after Wednesday’s minutes of the Fed’s most recent meeting showed that many policymakers think additional easing may be warranted "fairly soon" unless there is evidence of a "substantial and sustainable" strengthening in the economic recovery.
But the Canadian dollar’s gains remained limited amid growing skepticism that the Bank of Canada will raise interest rates in the coming months, following a recent string of weak economic data.
The greenback was little changed after official data showed that the number of people who filed for unemployment assistance in the U.S. last week rose slightly.
The U.S. Department of Labor said the number of people filing for initial jobless benefits last week rose by 4,000 to a seasonally adjusted 372,000, compared to expectations for a decline of 3,000 to 365,000.
The previous week’s figure was revised up to 368,000 from a previously reported 366,000.
The loonie, as the Canadian dollar is also known, was slightly lower against the euro, with EUR/CAD easing up 0.13% to 1.2437.
Later in the day, the U.S. was to release official data on new home sales.
USD/CAD hit 0.9886 during early U.S. trade, the session low; the pair subsequently consolidated at 0.9917, inching up 0.04%.
The pair was likely to find support at 0.9862, the low of August 17 and near-term resistance at 0.9939, the high of August 14.
The greenback came under pressure after Wednesday’s minutes of the Fed’s most recent meeting showed that many policymakers think additional easing may be warranted "fairly soon" unless there is evidence of a "substantial and sustainable" strengthening in the economic recovery.
But the Canadian dollar’s gains remained limited amid growing skepticism that the Bank of Canada will raise interest rates in the coming months, following a recent string of weak economic data.
The greenback was little changed after official data showed that the number of people who filed for unemployment assistance in the U.S. last week rose slightly.
The U.S. Department of Labor said the number of people filing for initial jobless benefits last week rose by 4,000 to a seasonally adjusted 372,000, compared to expectations for a decline of 3,000 to 365,000.
The previous week’s figure was revised up to 368,000 from a previously reported 366,000.
The loonie, as the Canadian dollar is also known, was slightly lower against the euro, with EUR/CAD easing up 0.13% to 1.2437.
Later in the day, the U.S. was to release official data on new home sales.