1st June 2017
The U.S. dollar was almost unchanged against its Canadian counterpart on Thursday, after the release of mixed U.S. economic reports amid ongoing political concerns on the U.S.
USD/CAD hit 1.3516 during early U.S. trade, the session high; the pair subsequently consolidated at 1.3504.
The pair was likely to find support at 1.3437, Wednesday’s low and resistance at 1.3541, the high of May 24.
Payroll processing firm ADP said non-farm private employment rose by 253,000 in May, above forecasts for an increase of 185,000.
The economy created 174,000 jobs in April, whose figure was revised down from a previously reported increase of 177,000.
However, The Department of Labor said initial jobless claims rose by 13,000 in the week ending May 26 to 248,000 from the previous week’s revised total of 235,000. Analysts had expected jobless claims to rise by 4,000 to 239,000 last week.
Sentiment on the greenback remained vulnerable amid ongoing fears investigations into President Donald Trump's ties with Russia could hamper his administration's progress on promised stimulus measures.
The Trump administration is under investigation by the Federal Bureau of Investigation and several congressional panels over alleged Russian meddling in the 2016 presidential election and potential collusion with the Trump campaign.
The loonie was higher against the euro, with EUR/CAD down 0.17% at 1.5150.
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