The USD/CAD is trading slightly upwards after the release of solid US initial jobless claims. Initial Claims fell by 15.000 to 358K but above the forecasted estimations as of 335K, while the State of California still deals with system issues. What’s more, Pimco's El-Erian mentioned through news wires that he “does not see taper before Yellen takes over.” In addition to the above, Fed’s Fisher said that ”fiscal 'ineptitude' in Washington erodes faith in U.S. debt,” while he also added that “QE may become 'an agent of financial recklessness.' The USD/CAD was trading just below 1.0300 area, before the release of the US jobless claims data, but after the better US labor data –even worse than forecasted- it managed to climb above the 1.0300 handle. Greg Moore on behalf of TD Securities mentions that “USD/CAD did close with a heavy tone yesterday, having initially traded higher through the session and the initial move down seems to have stalled around the 1.03 point so far today. We find it hard to endorse the weak USD trend at this point, the USD already look fundamentally undervalued to a modest degree and we would expect some bargain hunting to emerge between 1.0250/00 (200-day MA at 1.0254).”