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Canadian dollar bounces back from 11-year low

A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto in this January 23, 2015, file photo. The Canadian dollar pared earlier session losses against its U.S. counterpart on Tuesday, strengthening after data showed January growth was better than feared. REUTERS/Mark Blinch/Files

MARK BLINCH/REUTERS

After hitting a fresh 11-year low on Tuesday, the Canadian dollar traded up from Wednesday's close of 75.83 cents (U.S.), closing at 76.29 cents U.S. on Thursday.

With no major economic news to report on Thursday, traders are looking ahead to jobs data from both the U.S. and Canada due out Friday morning.

Statistics Canada will release the labour force survey data for July 2015 at 830 a.m. (ET). The labour force survey is considered a good monthly gauge of the health of Canada's overall economy.

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On Friday, Statistics Canada will also release building permits data for June 2015.

Both of these economic indicators could impact the movement of the Canadian dollar during Friday's trading day. That's depending if they disappoint or surprise investors.

Oil continues to be a big drag on the Canadian dollar. On Thursday oil set a multi-month lows. Brent, the global oil benchmark, was down 60 cents (U.S.) or 1.3 per cent, at $48.99 U.S. in late morning trade. That's after setting a six-month low at $48.88 U.S.

Across the pond the euro was essentially flat from Wednesday's close trading at $1.43 Canadian on Thursday.

Currency traders are looking ahead to September after a flurry of economic news is suggesting the U.S. Federal Reserve may hike interest rates at that time. If that was the case the Canadian dollar would face more downward pressure for the rest of 2015.

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