USD/CAD Bounces Off Session Lows Amid Mixed Economic Indicators

The USD/CAD currency pair experienced a rebound on Thursday, bouncing off session lows of 1.3971 to trade at around 1.3990.

This move occurred within an ascending channel formation on the 60-minute chart, with the pair trading above its 100-hour moving average line.

However, the currency pair recently pulled back from overbought levels of the 14-hour RSI (Relative Strength Index).

From a fundamental perspective, the USD/CAD pair is influenced by various economic indicators. In Canada, the consumer price index for August came in at -0.1% month-over-month, missing expectations of 0%.

In the US, building permits and housing starts for August fell short of forecasts, while initial jobless claims for last week were lower than expected.