Ella 
USD/CAD rose for the fifth consecutive week and is now trading around 1.3530, which could be attributed to another batch of strong US macroeconomic data on Wednesday. The data also heightened market concerns about further rate hikes by the Federal Reserve at its September meeting.
The monthly rate of new housing starts in the United States in July improved to 1.452 million, the previous value was 1.398 million, and the market expected 1.448 million. Monthly industrial output rose 1%, beating expectations for a 0.3% rise. The previous value was -0.8%. However, building permits rose to 1.442 million, the previous value of 1.441 million, and an expected 1.463 million.
USD/CAD also benefited from rising U.S. Treasury yields, driven by high optimism and rising risk appetite. The shift in investor behavior sent the dollar higher against six major currencies. The U.S. dollar index traded around 103.50 in Asia on Thursday.
In addition, the minutes of the July FOMC meeting showed that Fed officials were divided on raising interest rates. Although many members expected that rising interest rates could lead to economic contraction, most policymakers still committed to reducing inflation and achieving the 2% inflation target.
Investors are likely to focus on U.S. jobless claims and the Philadelphia Fed manufacturing survey due in North American hours. These events could provide fresh perspective on the broader economic outlook and help guide USD/CAD.
