Forex Pros \u2013 The Canadian dollar rose to a two-day high against its U.S. counterpart on Thursday, as crude oil, Canada\u2019s largest export, remained well supported by ongoing unrest in the Middle East and Libya.<\/p>\n
USD\/CAD hit 0.9758 during early U.S. trade, the pair\u2019s lowest since Tuesday; the pair subsequently consolidated at 0.9764, shedding 0.52%.<\/p>\n
The pair was likely to find support at 0.9733, the low of March 15 and resistance at 0.9843, Wednesday\u2019s high.<\/p>\n
Crude oil contracts for delivery in May were trading at USD 105.69 a barrel on the New York Mercantile Exchange, after peaking at USD106.65 earlier in the day.<\/p>\n
The Canadian dollar shrugged off the prospect of a looming election, after opposition party leaders said that they would not support Prime Minister Stephen Harper’s 2011-2012 budget, but would force a non-confidence vote against the government this week.<\/p>\n
The loonie was also up against the euro, with EUR\/CAD slipping 0.15% to hit 1.3803.<\/p>\n
Meanwhile, the U.S. Commerce Department said earlier that durable goods orders fell 0.9% in February, confounding expectations for a 1.8% gain.<\/p>\n
In a separate report, the U.S. Department of Labor said initial jobless claims fell slightly more-than-expected last week.<\/p>\n