Investing.com - The U.S. dollar was almost unchanged against the
Canadian dollar on Thursday after data showed that U.S. jobless
claims hit a five-year low last week, while U.S. housing starts
rose to a four-year high in December.
USD/CAD hit 0.9848 during early U.S. trade, the session low; the
pair subsequently consolidated at 0.9854, dipping 0.03%.
The pair was likely to find support at 0.9829, the low of January
10 and resistance at 0.9884, the session high and a two-week high.
The U.S. Department of Labor said the number of individuals filing
for initial jobless benefits last week fell by 37,000 to a
seasonally adjusted five-year low of 335,000, compared to
expectations for a decline of 7,000 to 365,000.
A separate report showed that U.S. housing starts jumped by 12.1%
in December to a seasonally adjusted 0.954 million, the highest
level since 2008, compared to expectations for a 3.3% increase to
Earlier in the day, market sentiment was boosted after an auction
of Spanish government debt met with strong investor demand and saw
borrowing costs fall.
In Canada, official data showed that investment in foreign
securities strengthened to USD7.8 billion in November, while
foreign investment in Canadian securities slowed to USD5.6 billion.
The loonie, as the Canadian dollar is also known, was lower against
the euro, with EUR/CAD up 0.40% to 1.3150.
The U.S. was to release official data on manufacturing activity in
Philadelphia later in the trading day.
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