- The USD / CAD fluctuates in a narrow range below 1.4100 on Thursday.
- Rising crude oil prices are helping the CAD to resist the USD.
- The US dollar index is pushing the United States higher. Trump’s comments.
The USD / CAD The pair is struggling to define its next short-term direction on Thursday as rising crude oil prices help the CAD maintain a firm stance against the dollar. At the time of writing, the pair was unchanged on the day at 1.4099.
Trump helps the USD strengthen
In an interview with Fox Business Network on Thursday, U.S. President Donald Trump said the strong dollar would support economic recovery after the coronavirus crisis. With these comments, the American dollar The index hit its highest level since April 24 at 100.49.
During the second half of the day, weekly data on initial US unemployment claims will be examined for further momentum. Markets expect data to reach 2.5 million for the week ending May 96h.
On the other hand, after the weekly EIA report showed a decline in US crude oil inventories for the first time in January, crude oil prices gained ground. West Texas Intermediate barrel, which posted small daily gains on Wednesday, was last seen at $ 26.75, gaining 3.15% on a daily basis.
The Canadian economic record will present manufacturers’ sales data for March. In addition, the Bank of Canada will publish its Financial System Review.