TORONTO: The Canadian dollar edged higher against its US counterpart on Thursday, adding to its more stable profile this week as investors awaited President Donald Trump's decision on the next Federal Reserve chair and top-tier domestic data.
The loonie has fallen 6 percent since posting a more than two-year high in September at C$1.2063. But analysts say it has found support around C$1.2900, which is near the 50 percent retracement of the currency's rapid appreciation from May to September.
The loonie hit its weakest in over three months on Friday at C$1.2916, pressured by data which pointed to slower growth in Canada's economy in the third quarter after a rapid expansion in the first half of the year.
Domestic jobs data for October and September trade data are due on Friday.
Trump is expected to nominate Jerome Powell to head the US central bank. Powell is seen as more dovish than some other leading candidates.
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