• Canadian Dollar is broadly higher in calm markets.
• Canada Unemployment, Average Hourly Wages due on Friday.
• Canadian Dollar in tight race with recovering US Dollar.

The Canadian Dollar (CAD) has stepped broadly higher against the majority of its major currency peers on Thursday, though the CAD is battling a recovering US Dollar (USD) as the two currencies are on pace to settle the day as the top performers. US Initial Jobless Claims came in lower than expected, driving investors back into the Greenback as the US economy continues to outperform.

Canada sees a clear economic docket on Thursday as investors gear up for Friday’s Canadian labor and wages figures. Markets are forecasting a slight uptick in the Canadian January Unemployment Rate, as well as a smaller-than-usual Net Change in Employment for January, though the number is still projected to be positive.