Canadian Dollar steadies at 1.3800 awaiting employment data from US and Canada
The Canadian Dollar (CAD) holds minor losses against the US Dollar (USD) on Friday, as the USD/CAD pair trades just above 1.3800 after bouncing from two-week lows at 1.3765.
The Canadian Dollar (CAD) maintains a steady position at 1.3800 against the US Dollar (USD), waiting for employment figures from the US and Canada. The USD/CAD pair trades near 1.3800 after climbing from two-week lows at 1.3765. The Loonie is on track to rally 0.7% this week, and the USD/CAD weekly chart forms a bearish engulfing candle, signaling negative sentiment.
Analysts are anxiously awaiting August's employment figures from both countries, which could impact the CAD. Crude Oil prices, Canada's main export, have risen by 6.5% this week, reaching $96.00 per barrel, while Brent Oil pulled back below $94.00. Commerzbank expects the Canadian Labor Market to increase employment by 15,000 in August, but notes that past predictions have often been inaccurate.
The US Nonfarm Payrolls (NFP) report is released alongside Canadian jobs data, with net employment expected to grow by 56K in August. The impact on the US Dollar may be limited, as traders await the Consumer Price Index (CPI) data to finalize the Federal Reserve's monetary policy puzzle.
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