Investing.com – The U.S. dollar edged higher against its Canadian counterpart on Thursday, after upbeat U.S. economic reports and as declining oil prices dented demand for the commodity-related Canadian currency.
USD/CAD was up 0.10% at 1.2481 by 09:30 a.m. ET (13:30 GMT).
The U.S. Department of Labor reported on Thursday that initial jobless claims fell more than expected last week.
A separate report showed that manufacturing activity in the Philadelphia region unexpectedly rose in October.
The greenback was also supported by reports earlier in the week that U.S. President Donald Trump was favoring Stanford economist John Taylor to replace Federal Reserve Chair Janet Yellen next year. Taylor is seen as more hawkish than current Yellen.
Meanwhile, the Canadian dollar was weighed by a drop in oil prices on Thursday, as traders locked in profits from the commodity’s recent climb.
The loonie was lower against the euro, with EUR/CAD gaining 0.50% to 1.4768.