Thursday, April 28, 2016

Forex - USD/CAD eases off 9-month lows in early trade

Greenback trims losses but remains under pressure vs. loonieGreenback trims losses but remains under pressure vs. loonie

Investing.com - The U.S. dollar trimmed losses and eased off fresh nine-month lows against its Canadian counterpart on Thursday, after the release of mixed U.S. economic reports, although rising oil prices continued to support demand for the commodity-linked Canadian currency.

eased off 1.2529, the pair's lowest since July 2015, to hit 1.2591 during early U.S. trade, still down just 0.07%.

The pair was likely to find support at 1.2470 and resistance at 1.2692, Wednesday's high.

The Bureau of Economic Analaysis said that slowed to an annual rate of 0.5%, from the 1.4% expansion registered in the fourth quarter of 2015.

That was the slowest pace of growth since the first quarter of 2014 and missed consensus expectations for a 0.7% increase.

At the same time, the U.S. Department of Labor said in the week ending April 23 decreased by 9,000 to a seasonally adjusted 257,000 from the previous week's revised total of 248,000.

Analysts had expected jobless claims to rise by 12,000 to 260,000 last week.

The data came a day after close to zero on Wednesday and offered little guidance on future rate hikes.

Meanwhile, the Canadian dollar remained supported as continued to hover at five-month highs on Thursday.

The loonie was steady against the euro, with at 1.4263.

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