CAD gained modestly Thursday, with the labor market showing signs of stabilization in the US. CAD rose, after a report showing that U.S. initial jobless claims increased but remained well below earlier peaks. USD fell to C$1.0232 from C$1.0243 late Wednesday, CQG data showed. CAD is strongly tied to the growth prospects of the U.S., which consumes more than 70% of Canada’s exports.
Overnight, CAD was largely unmoved, after the much-awaited Italian 10-year bond auction wasn’t able to raise as much money as expected. Yields on Italy’s sovereign debt continued to hover at levels deemed unsustainable in the longer term.
Analysts continue to see the CAD moving in line with broader market sentiment.
EasyForexNews Research Team