Economic data puts the U.S Dollar in focus late in the day. Ahead of the stats, Brexit, any chatter from Washington or Beijing, and COVID-19 will need monitoring.
USD/CAD managed to settle above the resistance at 1.3330 and gained strong upside momentum.
The Canadian dollar strengthened against its U.S. counterpart on Thursday as oil prices rose and Ottawa raised support for the unemployed, with the loonie bouncing back from an earlier seven-week low, which it hit as investors weighed rising coronavirus cases. Investors have had to reduce their expectations for the speed of economic recovery, but "I don't think we are going to see the type of (market) panic that we saw last spring in any way, shape or form," said Brad Meiers, head of debt capital markets and syndication at HSBC Securities (Canada) Inc. Canada's government boosted a proposed weekly payout for the jobless that would replace emergency COVID-19 income support that ends this weekend, a move that looks set to help the ruling Liberals win a parliamentary confidence vote.