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Forex - U.S. dollar hits 1-month low against Canadian dollar

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Investing.com -

Investing.com - The U.S. dollar fell to one-month lows against the Canadian dollar on Thursday, following the release of upbeat Canadian housing data and a better-than-forecast report on U.S. initial jobless claims.

USD/CAD hit lows of 1.0868, the weakest since April 9 and was last down 0.20% to 1.0876.

The pair was likely to find support at 1.0857 and resistance at 1.0902, the session high.

The Canadian dollar was boosted after reports showed that Canadian housing starts rose more-than-expected in April, while prices of new homes ticked higher in March.

The Canada Mortgage and Housing Corporation said the annual rate of housing starts rose to 194,800 units last month from March's total of 156,600 units. Analysts had expected Canadian housing starts to increase to 175,000 units.

At the same time, Statistics Canada reported that its new housing price index inched up by 0.2% in March, meeting forecasts, following a 0.2% increase in February and was 1.6% higher on a year-over-year basis.

In the U.S., the Department of Labor reported that number of people who filed for unemployment assistance last week fell by 26,000 to 319,000 from the previous week's revised total of 345,000. Analysts had expected jobless claims to fall by 20,000 to 325,000.

Elsewhere, the loonie, as the Canadian dollar is also known, was higher against the euro, with EUR/CAD down 0.49% to 1.5087.

The single currency weakened across the board on Thursday after European Central Bank President Mario Draghi indicated that the bank could implement fresh earing measures at its next meeting in June.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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