USD/CAD moves below 1.3850 as US Dollar retreats ahead of NFP report
- USD/CAD weakens as investors await the upcoming Nonfarm Payrolls report for insights into how tariffs might be affecting employment.
- Market sentiment improved after US President Donald Trump signaled possible trade deals with several countries.
- Canada’s S&P Global Manufacturing PMI fell to 45.3 in April from 46.3, marking a third straight month of decline.
USD/CAD is slipping during Friday’s Asian session, trading near 1.3830, after posting gains in the prior session. The pair is under pressure as the US Dollar (USD) stalls following a three-day rally, with investors eyeing the upcoming Nonfarm Payrolls (NFP) report for clues on how tariffs may be influencing employment trends.
However, the USD found some support from easing trade tensions. Market sentiment improved after US President Donald Trump hinted at potential trade agreements with India, Japan, and South Korea, and expressed optimism over resolving disputes with China. Bloomberg reported that China is considering renewed trade talks, with Beijing confirming US outreach but stressing the need for Washington to address what it sees as the root cause—tariff-related measures.
On the data front, the US ISM Manufacturing PMI slipped to 48.7 in April from 49.0, still in contraction but better than the expected 48.0. Meanwhile, Initial Jobless Claims rose to 241,000 for the week ending April 26, exceeding forecasts of 224,000 and up from the prior week’s 223,000.
In Canada, the S&P Global Manufacturing PMI dropped to 45.3 in April from 46.3, marking the third consecutive monthly decline and the weakest reading since May 2020, as output and new orders contracted sharply.
The Bank of Canada’s (BoC) April 16 Meeting Minutes suggested that policymakers discussed a potential rate cut but ultimately held the rate steady at 2.75%, citing sticky core inflation (2.8%–2.9%) and a surprisingly resilient labor market. The Minutes emphasized a cautious stance, lowering expectations for near-term easing.
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.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.05% | -0.13% | 0.03% | -0.17% | -0.42% | -0.42% | 0.09% | |
| EUR | 0.05% | -0.07% | 0.12% | -0.11% | -0.35% | -0.34% | 0.15% | |
| GBP | 0.13% | 0.07% | 0.15% | -0.03% | -0.27% | -0.27% | 0.23% | |
| JPY | -0.03% | -0.12% | -0.15% | -0.20% | -0.45% | -0.45% | 0.07% | |
| CAD | 0.17% | 0.11% | 0.03% | 0.20% | -0.26% | -0.23% | 0.26% | |
| AUD | 0.42% | 0.35% | 0.27% | 0.45% | 0.26% | 0.01% | 0.51% | |
| NZD | 0.42% | 0.34% | 0.27% | 0.45% | 0.23% | -0.01% | 0.49% | |
| CHF | -0.09% | -0.15% | -0.23% | -0.07% | -0.26% | -0.51% | -0.49% |
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
Akhtar Faruqui
FXStreet
Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.
