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Canadian Dollar Rallies Against US Peer on Upbeat Jobs Data

October 9, 2020 at 19:10 by Simon Mugo

A fan of 100-dollar notes

The Canadian dollar today rallied against its US peer fueled by the positive Canadian jobs report and the upbeat investor sentiment. The USD/CAD fell for the third straight session as the commodity-linked loonie rallied higher capitalising on the greenback’s weakness over the same period.

The USD/CAD currency pair today fell from an opening high of 1.3196 during the Australian market to a low of 1.3116 during the American session and was trading near these lows at the time of writing.

The currency pair today fell to lows last seen on 16th September as the dollar extended its 3-day selloff. The pair headed lower earlier today given that crude oil prices were trading near recent highs as tracked by the West Texas Intermediate, which hit a high of $41.38 today. The release of the upbeat Canadian labour market survey for August contributed significantly to the pair’s rally during the American session. According to Statistics Canada, the country added 378,200 jobs beating analysts estimates of 156,600 jobs. The country’s unemployment rate fell to 9% from the previous figure of 10%, also boosting the loonie.

The uncertainty regarding Donald Trump‘s health dragged the dollar lower as tracked by the US Dollar Index, which hit a low of 93.04 today. It’s still unclear whether Trump will be able to attend his Florida rally, while Nancy Pelosi is pushing a bill to give Congress power to remove presidents.

The currency pair’s performance over the upcoming weekend is likely to be affected by crude oil prices.

The USD/CAD currency pair was trading at 1.3132 as at 19:09 GMT having fallen from a high of 1.3196. The CAD/JPY currency pair was trading at 80.41, having dropped a high of 80.60.

If you have any questions, comments, or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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