USD/CAD consolidates above 1.3200 mark ahead of Canadian employment details
|- The USD remains on the defensive amid some renewed weakness in the US bond yields.
- A modest pickup in Oil prices underpinned Loonie and collaborated to the weaker tone.
The USD/CAD pair traded with a mild negative bias through the early European session on Friday and is currently placed at the lower end of its daily trading range, around the 1.3220-15 region.
Focus on Canadian jobs data
The pair added to the previous session's heavy losses and remained under some selling pressure for the second consecutive session, retreating farther from multi-week tops set earlier this week on Wednesday. A subdued US Dollar demand - amid renewed weakness in the US Treasury bond yields - seemed to be one of the key factors exerting some pressure on the major.
This coupled with a pickup in Crude Oil prices underpinned the commodity-linked currency - Loonie and further collaborated to the pair's softer tone on the last trading day of the week. Oil prices inched higher on expectations of more OPEC production cuts, though concerns over prolonged US-China trade dispute kept a lid on gains and might help limit losses for the pair.
Moving ahead, Friday's economic docket - highlighting the release of Canadian monthly employment details and the US Producer Price Index (PPI), will now play a key role in producing some meaningful trading impetus later during the early North-American session on the last trading day of the week.
Technical levels to watch
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.