⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

Forex - Loonie climbs to 2-week high against greenback

Published 04/01/2010, 07:33 AM
USD/CAD
-
CAD/JPY
-
Investing.com – The Canadian dollar climbed to a fresh 2-week high against its U.S. counterpart on Thursday, as traders awaited a key report on the U.S. labor market and in the wake of upbeat Canadian GDP data.

USD/CAD hit 1.0107 during early European trade, the pair's lowest since March 19; the pair subsequently hovered around 1.0109, shedding 0.43%.

USD/CAD was likely to find support at 1.0062, the low of March 19, and resistance at 1.0442, the high of March 2.

Later in the day, the U.S. Labor Department was set to publish an important weekly report on unemployment claims, and an industry group was due to publish a manufacturing purchasing managers' index for the country.

The loonie also rose versus the yen, meanwhile, with CAD/JPY advancing 0.52% to reach 92.54.

On Wednesday, Canada's statistics agency said the country's economy grew 0.6% in January compared with December, led by widespread gains in manufacturing. Economists had expected growth of only 0.5%.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.