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Forex - USD/CAD near session lows after U.S. jobless data

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Investing.com - The U.S. dollar was trading close to session lows against the Canadian dollar on Thursday, as unexpectedly strong U.S. jobless claims data added to signs that the U.S. economic recovery is strengthening.

USD/CAD hit 1.0254 during early U.S. trade, the session low; the pair subsequently consolidated at 1.0265, slipping 0.11%.

The pair was likely to find support at 1.0233, the low of March 8 and resistance at 1.0282, the session high.

The Department of Labor said the number of people who filed for unemployment assistance in the U.S. fell by 10,000 to a seasonally adjusted 332,000, last week compared to expectations for an increase of 8,000 to 350,000.

The unexpectedly strong data, together with recent stronger-than-forecast data on nonfarm payrolls and retail sales fuelled optimism over the durability of the U.S. economic recovery.

In Canada, official data showed that the new house price index rose less than expected in January.

Statistics Canada said the NHPI rose 0.1%, below expectations for a 0.3% increase after increasing by 0.2% in December.

The loonie, as the Canadian dollar is also known, was higher against the euro, with EUR/CAD down 0.27% to 1.3286.

Also Thursday, official data showed that U.S. producer prices rose by a seasonally adjusted 0.7% in February, in line with expectations.

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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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