- Upbeat employment data from Canada provided a boost to the CAD.
- Crude oil prices continue to push higher on trade optimism.
- US Dollar Index looks to close the week below 98.50.
The USD/CAD pair extended its losses and fell to its lowest level in a month at 1.3172 as the rising crude oil prices and the upbeat employment data from Canada allowed the Loonie to outperform its rivals. As of writing, the pair was trading 1.3185, erasing 0.82% on a daily basis.
The unemployment rate continues to fall in Canada
The data published by Statistics Canada on Friday revealed that the unemployment rate in Canada fell to 5.5% in September from 5.7% in August and came in better than the market expectation of 5.7%. Furthermore, the total number of employed increased 53,700 and surpassed analysts' estimate of 10,000 by a wide margin.
In the meantime, markets continue to price the expectations of the United States and China reaching a partial trade deal to boost crude oil prices on Friday. At the moment, the barrel of West Texas Intermediate is rising 0.85% on the day at $54.30.
On the other hand, the US Dollar Index is struggling to pull away from daily lows as the upbeat market mood weighs on the demand for the Greenback. The index, which touched its lowest level in three weeks at 98.20, was last down 0.42% on the day at 98.28.
Technical levels to watch for
|Today last price||1.3187|
|Today Daily Change||-0.0101|
|Today Daily Change %||-0.76|
|Today daily open||1.3288|
|Previous Daily High||1.3348|
|Previous Daily Low||1.3268|
|Previous Weekly High||1.3349|
|Previous Weekly Low||1.3205|
|Previous Monthly High||1.3384|
|Previous Monthly Low||1.3134|
|Daily Fibonacci 38.2%||1.3299|
|Daily Fibonacci 61.8%||1.3317|
|Daily Pivot Point S1||1.3255|
|Daily Pivot Point S2||1.3222|
|Daily Pivot Point S3||1.3176|
|Daily Pivot Point R1||1.3334|
|Daily Pivot Point R2||1.338|
|Daily Pivot Point R3||1.3413|
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.