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Forex - U.S. dollar pushes higher against Canadian dollar

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Investing.com -

Investing.com - The U.S. dollar pushed higher against the Canadian dollar on Thursday after data showed that the U.S. economy added more jobs than expected in June.

USD/CAD eased up 0.13% to 1.0676, from around 1.0644 ahead of the upbeat U.S. jobs data.

The pair was likely to find support at 1.0650 and resistance at 1.0700.

The greenback was boosted after the Labor Department reported that that U.S. economy added 288,000 jobs last month, easily surpassing expectations for an increase of 212,000.

The previous month's figure was revised up to a gain of 224,000 from a previously reported increase of 217,000.

The U.S. unemployment rate fell to 6.1% from 6.3% in May, the lowest in almost six years.

The data was released one day earlier than usual due to the July 4 U.S. Independence Day holiday on Friday.

At the same time, official data showed that Canada's trade deficit narrowed in May.

Statistics Canada said the deficit shrank to C$152 million, from C$961 million in April as exports rose 3.5% and imports grew 1.6%.

A separate report showed that the U.S. trade deficit narrowed to $44.4 billion in May from a revised $47.0 billion the previous month. U.S. exports rose 1% to a record high of $195.5 billion, while imports fell 0.3%.

Elsewhere, the loonie, as the Canadian dollar is also known, was near six-month highs against the euro, with EUR/CAD down 0.23% to 1.4528.

The European Central Bank left all rates on hold earlier Thursday, in a widely anticipated decision, after cutting rates to record lows in June.

ECB President Mario Draghi reiterated the bank's forward guidance that rates will remain on hold at present or lower levels for an extended period.

The ECB president also announced that it will shift to a six-week meeting cycle from January 2015 and that it will start publishing meeting minutes.

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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.

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