Investing.com - The U.S. dollar eased off a three-week low against its Canadian counterpart on Wednesday, after some positive U.S. data but an upbeat Canadian growth report and a surge in oil prices boosted demand for to the commodity-related Canadian currency:
USD/CAD hit 1.3357, the pair’s lowest since November 9, to hit 1.3402 during early U.S. trade, still down 0.22% .
The pair was likely to find support at 1.3259, the low of November 9 and resistance at 1.3480, Tuesday’s high.
U.S. payroll processing firm ADP said non-farm private employment rose by 216,000 in November, above forecasts for an increase of 165,000.
The economy created 119,000 jobs in October, whose figure was revised downwards from a previously reported increase of 147,000.
Separately, the U.S. Commerce Department said that personal spending increased by 0.3% in October, below expectations for a 0.5% gain.
Meanwhile, personal income rose by 0.6% in October, compared to expectations for 0.4% advance.
In Canada, official data showed that the gross domestic product rose 0.3% in September, beating expectations for a 0.1% uptick and after a 0.2% gain the previous month.
Another report showed that Canada’s raw materials price index increased by 3.3% in October, slightly exceeding expectations for a 3.2% rise, after a 0.1% dip the previous month.
The Canadian dollar was also boosted by a surge in oil prices following news the Organization of the Petroleum Exporting Countries agreed on its first oil output cuts since 2008.
The loonie was higher against the euro, with EUR/CAD retreating 0.70% to 1.4204.