USD/CAD rallied to 1.3581, hitting its highest point in 7 weeks and a half. It later lost 18 pips and is now trading at 1.3562.
United States Core PCE Price Index (MoM) (Jan) is next today at 13:30 UTC.
Uptick comes while some more positive signs for US Dollar-Canadian Dollar are out as highly important GDP data from United States beat analyst expectations of 2.9 with a reading of 2.7.
Nevertheless, data for United States Crude Oil Inventories released yesterday at 16:00 UTC is better than expected with 7.65 million, but worse than previous figure of 16.28 million. Data for United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 192,000, beating projections of 200,000 and showing improvement over the preceding figure of 195,000.
Elsewhere, other currency pairs are also gaining ground as USD/CHF added 0.33% to its value, now trading at 0.9358. USD/SGD is up 0.2%. Having closed the previous session at 134.65, USD/JPY is up 0.17% today to currently trade at around 134.88.
Furthermore, the market is looking at Canada Wholesale Sales (MoM) is expected today at 13:30 UTC. Canada Manufacturing Sales (MoM) is scheduled for today at 13:30 UTC. United States Core PCE Price Index (MoM) (Jan) scheduled to come out today at 13:30 UTC. United States New Home Sales (Jan) will be released today at 15:00 UTC.
Having set a significant low of 1.1321 3 months ago, US Dollar-Canadian Dollar is trading 19.64% higher.