USD/CAD is trading in the positive territory above 1.3300 on Friday. Slumping crude oil prices weigh on commodity-sensitive loonie. US Dollar Index stays calm below 94.00 ahead of Nonfarm Payrolls report. The USD/CAD pair staged a rebound after dropping to a fresh 10-day low of 1.3266 on Thursday with slumping crude oil prices hurting the commodity-sensitive loonie. As of writing, the pair was up 0.18% on the day at 1.3310. Renewed concerns over an uneven recovery in the energy demand amid the rising number of coronavirus cases in Europe weigh on crude oil prices in the second half of the week. The barrel of West Texas Intermediate (WTI) lost more than 3% on Thursday and extended its slide on Friday to touch its lowest level in three weeks at $36.80. As of writing, the WTI was down 3.15% on the day at $37.30. USD stays resilient against its rivals ahead of NFP report On the other hand, the USD is capitalizing on the risk-averse market environment on Friday and help USD/CAD stay in the positive territory. Ahead of the US Bureau of Labor Statistics’ September Nonfarm Payrolls (NFP) report, the US Dollar Index is posting modest daily gains near 93.80. Preview the NFP report, “we forecast a below-consensus 400K rise in payrolls, down from 1.4M in August, 1.7M in July and 4.8M in June,” said TD Securities analysts. “We expect the downtrend in the unemployment rate to stall, with relatively modest employment growth offset by a rise in the participation rate as active job searching among laid-off individuals picked up.” A weaker-than-expected NFP reading could force Wall Street’s main indexes to suffer heavy losses and help the greenback preserve its strength. Technical levels to watch for FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EU’s von der Leyen on Brexit: Most difficult areas are still completely open FX Street 2 years USD/CAD is trading in the positive territory above 1.3300 on Friday. Slumping crude oil prices weigh on commodity-sensitive loonie. US Dollar Index stays calm below 94.00 ahead of Nonfarm Payrolls report. The USD/CAD pair staged a rebound after dropping to a fresh 10-day low of 1.3266 on Thursday with slumping crude oil prices hurting the commodity-sensitive loonie. As of writing, the pair was up 0.18% on the day at 1.3310. Renewed concerns over an uneven recovery in the energy demand amid the rising number of coronavirus cases in Europe weigh on crude oil prices in the second half of the week.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
