The USDCAD pair stays pressured around the low of 1.2800, down 0.15% intraday during Thursday’s Asian session. In doing so, the Loonie pair falls for the second consecutive day while taking clues from stronger oil prices and the gloomy US dollar.
On the oil side, WTI prices and the USDCAD bears also applauded the general US dollar weakness amidst firmer Treasury yields and bleak data at home. That said, the US Dollar Index dropped the most in a week to poke the monthly low before closing around 95.88.
Looking forward for today, the US Weekly Jobless Claims and Chicago Purchasing Managers’ Index for December, expected 205K and 62 versus 205K and 61.8 respectively, will fill the calendar and should be observed for fresh clues. Though, key consideration should be given to the risk catalyst for clear direction.
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