USD/CAD Climbs to 1.3930 as US Adds 172,000 Jobs and Oil Weakens
Updated
Updated · FXDailyReport.Com · Jun 7
USD/CAD Climbs to 1.3930 as US Adds 172,000 Jobs and Oil Weakens
2 articles · Updated · FXDailyReport.Com · Jun 7
Summary
USD/CAD traded near 1.3930 on Friday after the US May payrolls report beat forecasts by a wide margin, reinforcing demand for the dollar.
172,000 US jobs were added versus expectations for 85,000, April payrolls were revised up to 179,000, and unemployment held at 4.3%, trimming bets on near-term Federal Reserve rate cuts.
Canada’s labor data also surprised positively, with 87,800 jobs added and unemployment falling to 6.6% from 6.9%, but the stronger US policy signal outweighed support for the loonie.
WTI crude near $91 a barrel stayed under pressure, adding another headwind for the oil-linked Canadian dollar and helping keep the pair supported above 1.3880.