Investing.com - The U.S. dollar moved higher against its Canadian counterpart on Tuesday, after the release of upbeat U.S. jobless claims data and as investors hope a major U.S. tax reform bill will be passed before Christmas.
USD/CAD was up 0.53% at a one-week high of 1.2856 by 09:30 a.m. ET (13:30 GMT).
The U.S. dollar was boosted after data on Thursday showed that U.S. jobless claims declined last week for third consecutive week.
The greenback had already strengthened after U.S. Senate Republicans agreed to talks with the House of Representatives on a major tax reform bill on Wednesday, signaling that lawmakers could agree on a final bill ahead of a self-imposed December 22 deadline.
In Canada, data showed that building permits rose more than expected in October.
Meanwhile, investors were also digesting President Donald Trump decision to recognize Jerusalem as Israel's capital and to move the U.S. embassy there, which could potentially lead to tensions in the region.
The loonie was lower against the euro, with EUR/CAD up 0.52% at 1.5159.
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