Investing.com - The U.S. dollar was steady against its Canadian counterpart on Friday, after the release of upbeat Canadian employment data and as growing hopes for an imminent U.S. budget deal supported market sentiment.
USD/CAD hit 1.0377 during early U.S. trade, the session low; the pair subsequently consolidated at 1.0397, dipping 0.01%.
The pair was likely to find support at 1.0356, the low of October 9 and resistance at 1.0431, the high of August 8.
Official data showed that the number of employed people in Canada rose by 11,900 in September, above expectations for a 10,000 increase, after 59,200 rise the previous month.
The report also showed that Canada's unemployment rate ticked down to 6.9% last month, from 7.1% in August. Analyts had expected the unemployment rate to slip to 7.0% in September.
Meanwhile, hopes for progress on the U.S. budget front lifted sentiment after Republicans on Thursday offered to extend the government's borrowing authority for several weeks, temporarily putting off a default, while Obama was pushing to also reopen government operations that have been closed since October 1.
No deal emerged after a 90-minute meeting between President Barack Obama and Republican leaders, but talks continued into the night.
U.S. Treasury Secretary Jack Lew reiterated Thursday that the U.S. will reach its debt ceiling on October 17 and warned that the political crisis is starting to hurt the economy. The comments came during testimony to the Senate finance committee.
The loonie was lower against the euro with EUR/CAD rising 0.31%, to hit 1.4103.
Later in the day, the University of Michigan was to release preliminary data on consumer sentiment.
USD/CAD hit 1.0377 during early U.S. trade, the session low; the pair subsequently consolidated at 1.0397, dipping 0.01%.
The pair was likely to find support at 1.0356, the low of October 9 and resistance at 1.0431, the high of August 8.
Official data showed that the number of employed people in Canada rose by 11,900 in September, above expectations for a 10,000 increase, after 59,200 rise the previous month.
The report also showed that Canada's unemployment rate ticked down to 6.9% last month, from 7.1% in August. Analyts had expected the unemployment rate to slip to 7.0% in September.
Meanwhile, hopes for progress on the U.S. budget front lifted sentiment after Republicans on Thursday offered to extend the government's borrowing authority for several weeks, temporarily putting off a default, while Obama was pushing to also reopen government operations that have been closed since October 1.
No deal emerged after a 90-minute meeting between President Barack Obama and Republican leaders, but talks continued into the night.
U.S. Treasury Secretary Jack Lew reiterated Thursday that the U.S. will reach its debt ceiling on October 17 and warned that the political crisis is starting to hurt the economy. The comments came during testimony to the Senate finance committee.
The loonie was lower against the euro with EUR/CAD rising 0.31%, to hit 1.4103.
Later in the day, the University of Michigan was to release preliminary data on consumer sentiment.