Investing.com - The U.S. dollar surged to a 2-week high against its Canadian counterpart on Thursday, ahead of the release of key U.S. data and the second installment of Federal Reserve Chairman Ben Bernanke's testimony before Congress.
During European afternoon trade, USD/CAD jumped to 1.0595, its highest rate since Feb. 11; it subsequently hovered around 1.0588, gaining 0.49%. The pair was likely to find resistance at 1.0779, the high of Feb. 5, and support at 1.0369, Monday's low.
The yen also hit a 2-week high against the Canadian dollar, with CAD/JPY plunging 1.19% to hit 84.54.
Later in the day, Bernanke was set to speak before the Senate Banking, Housing and Urban Affairs Committee.
On Wednesday, he told U.S. lawmakers that the U.S. economic recovery was “nascent” and pledged to keep U.S. interest rates low "for an extended period."
But the Fed chief also painted a gloomy picture of global economic growth, and spoke about persisting struggles in the housing and labor markets.
Investors, meanwhile, awaited the release of key U.S. data later in the day on initial jobless claims and durable goods orders.