Forex – USD/CAD Slips Lower in Early Trade

© Reuters. Greenback loses ground vs. loonie after mixed U.S. data – The U.S. dollar slipped lower against its Canadian counterpart on Thursday, after the release of mixed U.S. economic reports and as sentiment on the commodity-related Canadian currency remained fragile ahead of the weekly U.S. crude oil inventories report.

was down 0.10% at 1.2524 by 09:30 a.m. ET (13:30 GMT), not far from a two-month low of 1.2500 hit on Wednesday.

Payrolls processor ADP reported on Thursday that U.S. private employers added jobs in December, well above economists’ expectations.

A separate report showed that U.S. jobless claims increased by 3,000 last week to , disappointing expectations for a 6,000 decline.

The U.S. dollar briefly recovered after Fed policymakers acknowledged, in the of the Federal Reserve’s December meeting released Wednesday, that the U.S. labor market and economic activity remain strong, despite persistently low inflation.

The minutes seemed to suggest that the central bank will continue to raise rates gradually but the pace could pick up if inflation rises.

Market watchers were now looking ahead to U.S. nonfarm payrolls data due on Friday.

The Canadian dollar was vulnerable as struggled to make any big moves ahead of the U.S. Energy Information Administration’s weekly , due later in the day.

The loonie was lower against the euro, with up 0.35% to 1.5120.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.