USD/CAD turns flat on the day below 1.32 ahead of PMI data

The USD/CAD pair struggled failed to hold above the 1.32 mark and erased its gains to turn flat on the day. As of writing, the pair was trading at 1.3178, adding only 1 pip on the day.

Earlier in the session, the data published by the U.S. Census Bureau showed that durable goods orders in December increased by 1.2% to fall short of the market expectation of 1.5%. On the other hand, weekly jobless claims decreased by 23K to 216 in the week ending February 16. Finally, the Philly Fed Manufacturing Index fell into the negative territory for the first time in nearly three years in February. Following the mixed macroeconomic data releases, the US Dollar Index continued to fluctuate in its tight daily range and was last seen unchanged on a daily basis at 96.50.

Later in the session, the IHS Markit will be publishing the advanced Manufacturing PMI report. More importantly, BoC Governor Poloz will be delivering a speech at 17:35 GMT.

Meanwhile, despite the indecisiveness of the greenback, the pair couldn't continue to push lower as crude oil prices are posting small losses on Thursday after closing the previous 7 trading days in the positive territory and weighing on the commodity-sensitive loonie. At the moment, the barrel of West Texas Intermediate is trading at $57.09, losing 0.2% on the day. The EIA's weekly stock report is likely to be the next driver of the WTI's price.

Key technical levels