Forex - USD/CAD little changed after upbeat U.S. data

Shutterstock photo - 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 0.890 million.

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. - offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.
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This article appears in: Investing , Forex and Currencies

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