- 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
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