Positive home sales data and low unemployment claims are contributing to the bullish trend of the USDCAD pair. The strong housing market and declining jobless claims are providing support for the US dollar against the Canadian dollar.
The USDCAD pair is being driven by positive economic indicators in the United States, including robust home sales figures and a decrease in unemployment claims. These factors are boosting investor confidence in the US economy, leading to a bullish sentiment for the US dollar.
The housing market in the US has been performing well, with sales of existing homes reaching a strong level. This indicates a healthy demand for housing, which is a positive sign for the overall economy. Additionally, the decline in unemployment claims suggests that the labor market is improving, further supporting the US dollar.
Overall, the combination of positive home sales data and low unemployment claims is keeping the USDCAD pair bullish. Investors are optimistic about the US economy’s prospects, which is driving demand for the US dollar relative to the Canadian dollar.