© Reuters. Greenback gains some ground against loonie in early trade
Investing.com — The U.S. dollar edges higher against its Canadian counterpart on Thursday, after upbeat U.S. economy dented reports and a decline in oil prices, demand for the commodity-related canadian currency.
USD/CAD up 0.10% at 1.2481 from 09:30 a.m. ET (13:30 GMT).
The U.S. labor Department reported Thursday that initial claims have fallen on unemployment assistance more than expected last week.
A separate report showed that manufacturing activity in the Philadelphia region unexpectedly rose in October.
The greenback was also supported by reports earlier in the week, the US President, Donald Trump has been replace in favor of Stanford economist John Taylor, the Federal Reserve chair Janet Yellen in the next year. Taylor is more than radical, as it is the current Yellen.
Meanwhile, the Canadian dollar has been weighed by a decline in oil prices on Thursday, as a trader, the profits from the raw materials locked-the last climb.
The loonie was lower against the euro, with EUR/CAD gain 0.50% to 1.4768.