Investing.com - The U.S. dollar rose to two-week highs against its Canadian counterpart on Wednesday, after the release of mixed economic reports from the U.S. and downbeat Canadian trade data.
USD/CAD hit 1.2801 during early U.S. trade, the pair’s highest since April 18; the pair subsequently consolidated at 1.2816, gaining 0.72%.
The pair was likely to find support at 1.2591, the low of April 26 and resistance at 1.2992, the high of April 18.
Payroll processing firm ADP said non-farm private employment rose by 156,000 last month, missing expectations for an increase of 196,000.
The economy created 194,000 jobs in March, whose figure was downwardly revised from a previously reported increase of 200,000.
A separate report showed that the U.S. trade deficit narrowed to $40.44 billion in March from $46.96 billion in February, whose figure was revised from a previously estimated deficit of $47.10 billion.
Analysts had expected the trade deficit to narrow to $41.50 billion in March.
The greenback has been hovering at multi-month lows since the Federal Reserve decided last Wednesday to leave interest rates unchanged and indicated that any future interest rate hikes would be data dependent.
Also Wednesday, Statistics Canada said the trade deficit widened to C$3.41 billion in March from C$2.47 billion in February, whose figure was revised from a previously estimated deficit of C$1.91 billion.
Analysts had expected the trade deficit to narrow to C$1.40 billion in April.
The loonie was lower against the euro, with EUR/CAD climbing 0.70% to 1.4731.