Investing.com - The U.S. dollar rose against its Canadian counterpart on Wednesday, helped by upbeat U.S. employment and trade balance data, although an equally positive trade balance report from Canada also lent support to the local currency.
USD/CAD hit 1.3109 during early U.S. trade, the session high; the pair subsequently consolidated at 1.3105, gaining 0.35%.
The pair was likely to find support at 1.2964, the low of October 21 and resistance at 1.3193, the high of October 30.
Payroll processing firm ADP reported on Wednesday that U.S. non-farm private employment rose by 182,000 last month, above expectations for an increase of 180,000.
The economy created 190,000 jobs in September, whose figure was downwardly revised from a previously reported increase of 200,000.
Separately, the U.S. Commerce Department said that the trade deficit declined to $40.81 billion in September from $48.02 billion in August, whose figure was revised from a previously reported deficit of $48.3 billion.
Analysts had expected the U.S. trade deficit to narrow to $41.1 billion in September.
At the same time, Statistics Canada said the trade deficit narrowed to C$1.73 billion in September from C$2.66 billion in August, whose figure was revised from a previously estimated deficit of C$2.53 billion.
Analysts had expected the trade deficit to narrow to C$1.90 billion in September.
The loonie was higher against the euro, with EUR/CAD declining 0.40% to 1.4263.
The euro came under pressure after European Central Bank President Mario Draghi signaled the possibility for additional easing measures.
Draghi said policymakers would re-examine the degree of monetary stimulus already deployed at their December meeting and reiterated that they remained willing and able to act to bolster price growth in the euro area.