Shutterstock photo
Markets

Forex - USD/CAD lower after better-than-expected ADP data

Shutterstock photo

Shutterstock photo

Forexpros - The U.S. dollar extended losses against its Canadian counterpart on Wednesday, falling to a fresh daily low after a report showed that ADP non-farm payrolls rose more than expected in July.

USD/CAD hit 0.9568 during early U.S. trade, the daily low; the pair subsequently consolidated at 0.9582 shedding 0.32%.

The pair was likely to find support at 0.9490, Monday's low and resistance at 0.9666, the high of July 13.

Payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 114,000 in July, above expectations for an increase of 100,000.

The previous month's figure was revised down to a gain of 145,000 from a previously reported 157,000.

The report said employment in the service-providing sector rose by 121,000 in July, marking 19 consecutive months of employment gains.

Meanwhile, the Canadian dollar was down against the euro, with EUR/CAD rising 0.42% to hit 1.3709.

Later in the day, the U.S. Institute of Supply Management was to publish data on service sector growth.

Forex News

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.

Other Topics

ForEx

Latest Markets Videos