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Canadian Dollar holds below 1.4000 as US and Canada jobs data loom

  • USD/CAD rebounds above 1.4000 as the US Dollar snaps a two-day losing streak.
  • Traders await employment reports from the United States and Canada.
  • The lack of a final Hormuz agreement keeps Oil prices and inflation risks elevated.

USD/CAD rebounds on Thursday after briefly slipping below the key 1.4000 support level, as the US Dollar (USD) snaps a two-day losing streak with traders repositioning ahead of Friday's employment reports from the United States (US) and Canada. At the time of writing, the pair trades around 1.4030, up 0.12% on the day.

The US Nonfarm Payrolls (NFP) report is expected to show that the economy added 80K jobs in July, up from 57K in June, while the Unemployment Rate is forecast to hold at 4.2%.

The NFP report follows back-to-back softer US labour-market releases earlier this week, including the ADP Employment Change and JOLTS Job Openings data. However, figures released on Thursday showed Initial Jobless Claims rising only slightly to 199K from 198K and coming in below the 202K forecast.

In Canada, employment is projected to rise by 15K following an 18.2K increase in June, with the Unemployment Rate expected to remain unchanged at 6.5%.

In the meantime, tensions in the Middle East keep broader market sentiment fragile. Iran and Oman are close to finalizing an agreement that would establish a temporary shipping route through the Strait of Hormuz, but no final deal has been announced. Tehran also denies holding direct talks with the United States, even as Washington says negotiations are taking place.

As a result, energy-driven inflation risks remain in focus as Oil prices halt their recent decline. West Texas Intermediate (WTI) Crude Oil trades around $77.00 per barrel, up nearly 3.5% on the day.

Canadian Dollar Price Today

The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the Swiss Franc.

USDEURGBPJPYCADAUDNZDCHF
USD0.28%0.10%0.43%0.14%0.42%0.35%0.71%
EUR-0.28%-0.18%0.18%-0.14%0.12%0.12%0.43%
GBP-0.10%0.18%0.36%0.06%0.31%0.25%0.62%
JPY-0.43%-0.18%-0.36%-0.30%-0.03%-0.08%0.29%
CAD-0.14%0.14%-0.06%0.30%0.27%0.23%0.59%
AUD-0.42%-0.12%-0.31%0.03%-0.27%-0.04%0.31%
NZD-0.35%-0.12%-0.25%0.08%-0.23%0.04%0.39%
CHF-0.71%-0.43%-0.62%-0.29%-0.59%-0.31%-0.39%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).

Author

Vishal Chaturvedi

I am a macro-focused research analyst with over four years of experience covering forex and commodities market. I enjoy breaking down complex economic trends and turning them into clear, actionable insights that help traders stay ahead of the curve.

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