- The USD / CAD pair continues to trade in positive territory around 1.3100.
- The US dollar index rises above 92.60 at the beginning of the American session.
- WTI reduces initial losses, turns positive on the day near $ 41.70.
After advancing to a daily high of 1.3123 during the European session, the pair USD / CAD it erased a small portion of its earnings and was last seen trading 1.3104, up 0.18% on the day.
Silent Reaction to US and Canadian Data
Data released by the ADP Research Institute on Thursday showed that employment in Canada declined by 79,500 jobs from September to October.
On the other hand, the US Department of Labor reported that Initial Unemployment Claims increased by 31,000 to 741,000 in the week ending November 14. Additionally, the Philadelphia Fed manufacturing index fell to 26.3 in November from 32.3 but was better than 22 analysts’ estimate. Following these mixed data releases, the US Dollar Index gained traction and was last seen gaining 0.05% on the day at 92.65.
However, despite USD resilience, the recovery in crude prices supported commodity-sensitive CAD and made it difficult for USD / CAD to sustain its bullish momentum. A barrel of West Texas Intermediate, which was down more than 1% earlier in the day, is currently trading with daily gains near $ 41.70.
Later in the session, data on existing home sales and manufacturing activity from the US Kansas Fed will be considered for further momentum.
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