USD/CAD (current price: 1.3218)
The Canadian NHPI came in lower than expected yesterday with a reading of 0.2% for the previous month while the weekly U.S. Initial Jobless Claims once again beat the consensus estimate with a bullish surprise, as the labor market situation remains encouraging. The Canadian Dollar was slightly lower in early trading but the pair still finished with losses, as the Loonie got pushed higher by the strong intraday rally of oil, despite the somewhat negative economic numbers.
Our assessment: The pair still trades around the 1.3200-13250 interval, and the broad neutral trading range continues to dominate trading, with the oil rally and the USD strength pointing to opposite directions.
