USD/CAD clings to modest gains around 1.3100 after US and Canada data
|- USD/CAD pair continues to trade in the positive territory around 1.3100.
- US Dollar Index edges higher above 92.60 in early American session.
- WTI pares early losses, turns positive on the day near $41.70.
After advancing to a daily high of 1.3123 during the European session, the USD/CAD pair erased a small portion of its gains and was last seen trading at 1.3104, up 0.18% on the day.
Muted reaction to US and Canada data
The data published by the ADP Research Institute showed on Thursday 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 Jobless Claims increased by 31,000 to 741,000 in the week ending November 14th. Moreover, the Philadelphia Fed Manufacturing Index fell to 26.3 in November from 32.3 but came in better than analysts' estimate of 22. Following these mixed data releases, the US Dollar Index gained traction and was last seen gaining 0.05% on the day at 92.65.
Despite the USD's resilience, however, recovering crude oil prices supported the commodity-sensitive CAD and made it difficult for USD/CAD to preserve its bullish momentum. The 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, Existing Home Sales and Kansas Fed Manufacturing Activity data from the US will be looked upon for fresh impetus.
Technical levels to watch for
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