Canadian Dollar mixed on Thursday as Crude Oil flattens.

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• Canadian Dollar mixed on Thursday as Crude Oil flattens.
• Canada saw an improvement in Manufacturing PMIs for January.
• Markets gear up for another US NFP on Friday.
• NFP Preview: Forecasts from 10 major banks

The Canadian Dollar (CAD) is broadly mixed against a basket of major currencies on Thursday but sees some gains against the US Dollar (USD). Markets are settling following Wednesday’s Federal Reserve (Fed) outing that saw Fed Chairman Jerome Powell strike a much more hawkish tone than many investors expected. This knocked equity markets lower and drove risk-off flows into the safe haven US Dollar.

Canada saw an uptick in the S&P Global Manufacturing Purchasing Managers Index (PMI) for January, but the indicator of production confidence remains in contractionary, sub-50.0 territory. US ISM Manufacturing PMIs likewise printed above expectations, but similarly remain below 50.0. US Initial Jobless Claims unexpectedly jumped, coming in above the four-week average for US jobless benefits seekers.

The Canadian Dollar (CAD) has rebounded a quarter of a percent against the US Dollar on Thursday, but shed around a quarter of a percent against the Japanese Yen (JPY), the market’s single best-performing currency for the day. The Canadian Dollar eased slightly against the Euro (EUR) and the Swiss Franc (CHF) as market activity focused elsewhere, but it climbed around a third of a percent against the Australian Dollar (AUD).

USD/CAD dipped back below the 1.3400 handle once again for the fourth time in two days as the Dollar-Loonie pair roils on market sentiment. The pair recovered to 1.3460 early Thursday after Wednesday’s Fed-fueled churn, reaching a near-term low of 1.3360.

USD/CAD is heading back into downside territory near 1.3380, with Thursday’s peak etching in a rejection from the 200-hour Simple Moving Average (SMA). Thursday’s nearish push drives the USD/CAD toward the low end of near-term congestion that has plagued the pair on daily candlesticks. Intraday action is set to remain capped by the 200-day SMA just below the 1.3500 handle.

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