US dollar climbed to its highest point against the Canadian peer on Thursday, after the upbeat initial jobless claims report out of the United States.
USD/CAD reached a session high at 1.0334 at 13:00 GMT, after which consolidation followed at 1.0323, gaining a mere 0.02% for the day. Support was likely to be found August 16th low, 1.0292, while resistance was to be seen at September 11th high, 1.0364.
Today the Department of Labor said that the number of initial jobless claims in the United States dropped by 31 000 to 292 000 during the week ending on September 7th, marking their lowest point since April 2006. Experts had anticipated that claims will rise to 330 000, following the non-revised 323 000 claims during the preceding week. The weekly report said that this final result was due more to a lag in the computer processing of the data in two states, rather than to a drastic improvement in the labor market in the country.
At the same time, the US import price index remained flat in August on a monthly basis, giving an indication that global recovery was going at a slow pace and this was continuously keeping inflation rate on moderate levels. The index marked a 0.1% gain in July. During the past six months the indicator has either remained unchanged, or has diminished. The annual performance of the index of import prices showed a 0.4% drop in August, confounding expectations of a 0.4% gain.
Meanwhile, new houses in Canada were more expensive again in July, as their prices were supported by housing market activity in countrys largest region, Toronto, as well as Calgary. New Housing Price Index (NHPI) rose by 0.2% in July on a monthly basis, retaining the rate at which the indicator increased a month ago. Experts expectations pointed a 0.1% gain.
Elsewhere, the loonie, as Canadian dollar is also known, was steady against the euro, with EUR/CAD cross gaining 0.06% for the day to trade at 1.3747 at 14:25 GMT. GBP/CAD pair was also gaining 0.06% to trade at 1.6337 at 14:26 GMT.
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