Investing.com - The U.S. dollar edged lower against its Canadian counterpart on Thursday, despite the release of upbeat U.S. economic reports, as investors remained cautious ahead of a U.S. tax bill set to be unveiled later in the day.
USD/CAD was down 0.17% at 1.2843 by 09:30 a.m. ET (13:00 GMT).
The U.S. Department of Labor reported on Thursday that initial jobless claims fell unexpectedly last week, staying close to the lowest level in four decades.
Data also showed that U.S. worker productivity increased at its fastest pace in three years in the third quarter.
But sentiment on the greenback remained vulnerable, as U.S. lawmakers were set to announce plans later Thursday for a measure that will seek up to $6 trillion in tax cuts over 10 years.
Also Thursday, U.S. President Donald Trump was expected to nominate Fed Governor Jerome Powell, seen as less hawkish than other candidates, as the next chair of the U.S. central bank.
At the conclusion of its policy meeting on Wednesday, the Fed left interest rates unchanged, as expected, but further added to expectations for a December rate hike by highlighting "solid" economic growth and a strengthening labor market.
The loonie was steady against the euro, with EUR/CAD at 1.4948.