Forex
USD/CAD Pulls Back from Session Highs Amid Mixed US Economic Data
The USD/CAD currency pair pulled back from session highs to trade at about 1.3932 on Thursday.
This comes as the pair trades within a sideways channel formation on the 60-minute chart, and has now fallen slightly below the 100-hour moving average line.
Despite this, the currency pair still has room left to run before reaching oversold levels of the 14-hour RSI.
From a fundamental perspective, the USD/CAD trades during a relatively busy period in the US market. The initial jobless claims for last week rose to 209k, missing the forecasted count of 202k, while the producer price index fell short of expectations with changes of 0% and 4.7% respectively.