USD/CAD Rebounds from Session Lows Amid Key Data Releases

The USD/CAD currency pair rebounded on Thursday from session lows of about $1.3987 to trade at around $1.4016.

This move came despite the pair still trading below its 100-hour moving average line, indicating there's room for further movement before reaching overbought levels of the 14-hour RSI.

The currency pair is currently within a descending channel formation on the 60-minute chart. Traders are awaiting key data releases in both Canada and the US to gauge market sentiment.

In Canada, the S&P Global Manufacturing PMI for July rose to 53.5, surpassing expectations of 50.2. Meanwhile, in the US, initial jobless claims for last week came in lower than forecasted at 199k versus a prediction of 202k.