Canadian Dollar Strengthens, Rising Oil Prices

Canadian Dollar Strengthens, Rising Oil Prices

The US dollar moved lower against the Canadian Dollar on Thursday, despite positive US jobless claims data, due to higher oil prices and data from Canada that had better-than-expected results providing support for the local currency.

USD / CAD strengthened to around 1.3224 during early US trade, the lowest level since February 28; the price then consolidated around 1.3234, edging down 0.11%.

Prices tend to find resistance around 1.3162, the low of February 28 and resistance at 1.3341, the highest on Wednesday. The US Department of Labor said that initial jobless claims fell by 1,000 to 234,000 for the week ending April 8 from the previous week’s revised 235,000. Analysts had expected jobless claims to rise to 245,000 last week.

But the greenback remained under pressure after US President Donald Trump told the Wall Street Journal on Wednesday that the dollar was “getting too strong” and that he would prefer the Federal Reserve to keep interest rates low.

The market was also jittery after President Trump said US relations with Moscow ‘might be tenuous.’ Trump’s comments came after he ordered missile attacks in Syria to punish the government for allegedly using poison gas. Russia condemns US actions.

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