The USD/CAD pair struggles to establish above the key support of 1.3900 in Thursday’s North American session.
USD/CAD exhibits mild correction after revisiting 1.3950. Lower US Initial Jobless Claims and higher private payrolls have signaled an improvement in labor market health. Canadian economic growth remained flat in August, as expected. A one-sided rally in the Loonie pair appears to have paused, with investors focusing on the United States Nonfarm Payrolls data for October, which will be published on Friday.
Investors will pay close attention to the employment data as it will significantly influence market expectations for the Federal Reserve interest rate path, given that officials are confident about inflation remaining on track to the bank’s target of 2%. Meanwhile, a few job-related indicators have pointed to an improvement in labor market conditions. Initial Jobless Claims for the week ending October 25 came in lower at 216K than estimates of 230K.
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