CAD/USD Moves Higher Near 0.7361

USD/CAD appears to have shed the previous session’s gains during Thursday’s Asian session, consolidating around 1.3580. The Canadian dollar found upside support from a weaker U.S. dollar (USD) and rising crude oil prices.

The U.S. dollar index appears to be resuming its losses after Wednesday’s gains, with the U.S. dollar index trading at a low of 102.80 at press time. The revised annualized quarterly rate of U.S. real GDP in the third quarter released by the U.S. Bureau of Economic Analysis was stronger than expected, providing upward support for USD/CAD. The revised annualized quarterly rate of real GDP in the United States in the third quarter was 5.2%, exceeding the previous value of 4.9% and higher than the expected value of 5.0%.

WTI oil prices continued their third consecutive day of gains, with WTI oil prices trading higher at around $77.90 at press time. Crude oil prices gained momentum ahead of Thursday’s meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+). Saudi Arabia and Russia are expected to likely propose extending oil supply cuts through 2024.

After the release of Chinese economic data, market concerns about oil demand resurfaced. The official manufacturing PMI fell to 49.4 in November from the previous reading of 49.5. The non-manufacturing PMI fell to 50.02, below expectations of 51.1.

Canada’s third-quarter GDP annual rate will be released on Thursday, with growth expected at 0.2%. On the other hand, the U.S. is due to release important economic data, including initial jobless claims and the personal consumer expenditures price index for the week ended November 24.

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