Investing.com - The U.S. dollar edged lower against its Canadian counterpart on Thursday, after data showed that the number of people who filed for unemployment assistance in the U.S. rose less-than-expected last week, as concerns over the U.S. political deadlock continued to weigh.
USD/CAD hit 1.0318 during early U.S. trade, the pair's lowest since October 1; the pair subsequently consolidated at 1.0324, slipping 0.12%.
The pair was likely to find support at 1.0288, the low of October 1 and resistance at 1.0365, the high of September 11.
In a report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending September 28 increased by 1,000 to a seasonally adjusted 308,000.
Jobless claims for the preceding week were revised up to a gain of 307,000 from a previously reported increase of 305,000. Analysts had expected U.S. jobless claims to rise by 6,000 to 313,000 last week.
The data came as investors continued to weigh the implications of a protracted U.S. government shutdown.
President Barack Obama met with Republican and Democratic leaders in Congress on Wednesday, although a solution still seemed unlikely.
Markets were also considering how the political deadlock in Washington will impact negotiations to raise the U.S. debt ceiling, which the U.S. Treasury Department has estimated will be reached by October 17.
Moody's Investors Service warned that a failure to raise the debt limit would result in a worse outcome for financial markets than a government shutdown.
The loonie was steady against the euro with EUR/CAD inching up 0.07%, to hit 1.4036.
Later in the day, the ISM was to produce a report on U.S. non-manufacturing activity.
USD/CAD hit 1.0318 during early U.S. trade, the pair's lowest since October 1; the pair subsequently consolidated at 1.0324, slipping 0.12%.
The pair was likely to find support at 1.0288, the low of October 1 and resistance at 1.0365, the high of September 11.
In a report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending September 28 increased by 1,000 to a seasonally adjusted 308,000.
Jobless claims for the preceding week were revised up to a gain of 307,000 from a previously reported increase of 305,000. Analysts had expected U.S. jobless claims to rise by 6,000 to 313,000 last week.
The data came as investors continued to weigh the implications of a protracted U.S. government shutdown.
President Barack Obama met with Republican and Democratic leaders in Congress on Wednesday, although a solution still seemed unlikely.
Markets were also considering how the political deadlock in Washington will impact negotiations to raise the U.S. debt ceiling, which the U.S. Treasury Department has estimated will be reached by October 17.
Moody's Investors Service warned that a failure to raise the debt limit would result in a worse outcome for financial markets than a government shutdown.
The loonie was steady against the euro with EUR/CAD inching up 0.07%, to hit 1.4036.
Later in the day, the ISM was to produce a report on U.S. non-manufacturing activity.