CAD Gains on USD Ahead of Employment Data

The Canadian dollar rose against its US counterpart today on speculations that the recent drop was overdone. The currency remained weak versus the euro and the Japanese yen.

Canadian employment data will be released tomorrow. The report is expected to show robust growth by 12,300, which should support optimistic outlook for the Canadian economy and boost the nation’s currency. US nonfarm payrolls will also be released during tomorrow’s session.

Crude oil continues to show strong performance on the commodity market. It is yet another supportive factor for the loonie.

USD/CAD was down from 1.0681 to 1.0647 as of 23:52 GMT today. Meanwhile, EUR/CAD advanced from 1.4519 to 1.4553 and CAD/JPY fell from 95.78 to 95.55.

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