The Loonie is rising on Thursday after posting on Wednesday the lowest daily close since early July. The pair bottomed at 1.2288 on Asian hours and then bounced to the upside. During the American session it printed a fresh daily high at 1.2353.
The main trend remains to point to the down and the current move higher could be seen as corrective. The pair needs a daily close under 1.2300 to suggest bears are still in control.
The US dollar is standing onto daily gains across the board, except the Japanese yen. The US Dollar Index is up by 0.03%, ending a six-day negative streak. Higher US yields and a deterioration in market sentiment helped the greenback.
US economic data showed a decline in Initial Jobless Claims to the lowest since March 2020 below 300K. On the negative front, the Philly Fed retreated from 30.7 to 23.8 (consensus: 25). Existing Home Sales rebounded more than expected by 7% in September. Home prices rose 0.4% in September in Canada.
Today, the preliminary Markit PMI is due in the US and in Canada the August retail sales report with preliminary numbers for September.
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