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by ForexNewsNow Team on October 21, 2010

USD/CAD extends decline as Canada Leading Index awaited

intraday analysis - the Canadian Flag NEW YORK (Forex News Now) – The Canadian dollar extended a bounce against its U.S. counterpart on Thursday, hitting a 2-day high, as FX traders awaited a key monthly report on the state of Canada’s economy.

In European morning currency market trading, USD/CAD hit 1.0188, down 0.23 percent on the day and its lowest since Tuesday.

Canada’s statistics agency was later due to publish its Leading Index for September, which gives a combined reading of 10 key economic indicators pertaining to employment, production, new orders, consumer confidence, housing, stock market prices, money supply, and interest rate spreads.

The loonie’s gains also came ahead of an important weekly report on U.S. initial jobless claims and data on manufacturing activity in the Philadelphia area.

Elsewhere, the Canadian dollar climbed versus the yen: CAD/JPY traded at 79.52, up 0.1 percent, according to intraday analysis.

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