USD/CAD Holds Steady as Oil Gains Offset DXY Strength, US-Iran Strikes Enter Second Day

The Canadian dollar held steady against the US dollar on Thursday, as Brent's surge to $78.63 supported the oil-linked loonie, offsetting dollar strength from renewed US-Iran strikes entering a second day, and firmer Fed hike bets across markets. On the US front, unemployment benefit claims dropped by 2,000 to 215,000 in the week ending July 4, beating expectations for a rise to 218,000, the US Department of Labor reported on Thursday. The US Dollar Index, a measure of the greenback's strength against the basket of major currencies, nudged lower in a failed effort to trade above the 101 level, now trading at 100.98 on Thursday. In Thursday's G10 trading, the CAD dropped against all other currencies, except the British pound. The high-impact event for the loonie will be the Unemployment Rate for June, due on Friday. For the USD, the major event will be the Existing Home Sales for June, due later on Thursday. The USD/CAD pair was trading at 1.41766, inching up 0.01% during Thursday's American trading hours at the time of writing.