Investing.com

Investing.com - The U.S. dollar continued to trade in a tight range against the Canadian dollar on Thursday, following the release of strong U.S. durable goods data and a report showing a larger-than-forecast increase in initial jobless claims.



USD/CAD was last trading at 1.1022, dipping 0.08% from Wednesday’s close of 1.1030.



The pair was likely to find support at 1.0999, Tuesday’s low and resistance at 1.1075.



The Commerce Department reported that U.S. orders for long lasting manufactured goods rose 2.6% last month, ahead of expectations for a 2% gain.



Core durable goods orders, which exclude volatile transportation items, rose 2% in March, easily surpassing forecasts for a 0.6% gain.



Separately, the Labor Department said the number of people who filed for unemployment assistance in the U.S. in the week ending April 19 rose by 24,000 to 329,000. Analysts had expected an increase of 5,000.



Despite the increase, the underlying trend pointed to underlying strength in the labor market.



The pair has traded in a relatively narrow range this week, with the greenback supported by indications that the U.S. economy is recovering. The loonie, as the Canadian dollar is also known, remained softer as the Bank of Canada’s dovish stance weighed.



Elsewhere, EUR/CAD slipped 0.14% to 1.5220.



The euro came under pressure earlier Thursday after European Central Bank President Mario Draghi reiterated warnings that the strong euro could trigger additional monetary easing.



Speaking at a conference in Amsterdam, Draghi said the euro exchange rate is an "increasingly important factor" in monetary policy. He also said the ECB could launch a "broad-based" asset purchase program if the medium-term inflation outlook worsened.





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