The U.S. dollar was lower against its Canadian counterpart on Thursday, as crude oil, Canada’s largest export, remained supported and after official data showed that Canada unexpectedly posted a trade deficit in April.
USD/CAD hit 0.9768 during early U.S. trade, the daily low; the pair subsequently consolidated at 0.9770, shedding 0.23%.
The pair was likely to find support at 0.9736, Wednesday’s low and resistance at 0.9851, the high of June 3 and a two-month high.
Crude oil for delivery in July was up 0.20% on the New York Mercantile Exchange, to trade at USD101.28 a barrel, after peaking at USD101.85 earlier in the day.
Raw materials, including oil account for about half of Canada’s export revenue.
Earlier in the day, Statistics Canada reported that the country’s trade deficit widened from CAD417 million in March to CAD924 million in April, the widest in six months. The agency said merchandise exports decreased 1.9% in April while imports fell 0.6%.
Meanwhile, the U.S. Commerce Department said the trade deficit declined 6.7% to USD43.68 billion in April, from a downwardly revised USD46.82 billion the month before. The March trade gap was originally reported as USD48.18 billion.
The Canadian dollar was also higher against the euro, with EUR/CAD shedding 0.75% to hit 1.4174.
Also Thursday, the U.S. Department of Labor said that U.S. initial unemployment claims increased by 1,000 to a seasonally adjusted 427,000 in the week ended June 4. The prior week's figure was revised to 426,000 from an originally reported 422,000.
Analysts had expected claims to fall to 423,000 last week.
USD/CAD hit 0.9768 during early U.S. trade, the daily low; the pair subsequently consolidated at 0.9770, shedding 0.23%.
The pair was likely to find support at 0.9736, Wednesday’s low and resistance at 0.9851, the high of June 3 and a two-month high.
Crude oil for delivery in July was up 0.20% on the New York Mercantile Exchange, to trade at USD101.28 a barrel, after peaking at USD101.85 earlier in the day.
Raw materials, including oil account for about half of Canada’s export revenue.
Earlier in the day, Statistics Canada reported that the country’s trade deficit widened from CAD417 million in March to CAD924 million in April, the widest in six months. The agency said merchandise exports decreased 1.9% in April while imports fell 0.6%.
Meanwhile, the U.S. Commerce Department said the trade deficit declined 6.7% to USD43.68 billion in April, from a downwardly revised USD46.82 billion the month before. The March trade gap was originally reported as USD48.18 billion.
The Canadian dollar was also higher against the euro, with EUR/CAD shedding 0.75% to hit 1.4174.
Also Thursday, the U.S. Department of Labor said that U.S. initial unemployment claims increased by 1,000 to a seasonally adjusted 427,000 in the week ended June 4. The prior week's figure was revised to 426,000 from an originally reported 422,000.
Analysts had expected claims to fall to 423,000 last week.
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