The USD remained well supported by Powell’s upbeat comments on Friday. Pickup in Oil prices underpinned Loonie and seemed to exert some pressure. The greenback remained on the defensive against its Canadian counterpart, with the USD/CAD pair struggling near five-week lows set on Friday. A combination of factors exerted some heavy selling pressure around the major on the last trading day of the week and took along some short-term trading stops being placed near the 50-day SMA support – around the 1.3200 round figure mark. The US Dollar weakened across the board in reaction to softer headline NFP print, showing that the US economy added 130K new jobs in August as compared to 158K expected and overshadowed upbeat wage growth data for the reported month. On the other hand, Canadian employment details showed that the number of employed people rose sharply by 81.1K in August as against 15K expected and a fall of 24.2K in the previous month, which provided a goodish lift to the domestic currency. Positive Oil prices underpinned Loonie The pair tumbled over 75-pips and remained depressed through the early European session on Monday amid a strong pickup in Crude Oil prices, which tend to underpin demand for the commodity-linked currency – Loonie. Oil prices remained well supported by the fact that Saudi Arabia – the world’s largest oil exporter – will continue to support output cuts by OPEC and other producers to prop up prices under new Energy Minister Prince Abdulaziz bin Salman. As investors looked past the latest US monthly jobs report, Friday’s upbeat comments by the Fed Chair Jerome Powell helped the greenback to regain some support and seemed to be the only factor limiting any further downside, at least for now. It will now be interesting to see if the pair continues to show some resilience or adds to last week’s steep decline, confirming a bearish breakdown, in absence of any major market-moving economic releases – either from the US or Canada. Technical levels to watch 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 Bitcoin price analysis: BTC/USD stops within a whisker of $10,000 FX Street 4 years The USD remained well supported by Powell's upbeat comments on Friday. Pickup in Oil prices underpinned Loonie and seemed to exert some pressure. The greenback remained on the defensive against its Canadian counterpart, with the USD/CAD pair struggling near five-week lows set on Friday. A combination of factors exerted some heavy selling pressure around the major on the last trading day of the week and took along some short-term trading stops being placed near the 50-day SMA support - around the 1.3200 round figure mark. The US Dollar weakened across the board in reaction to softer headline NFP… 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.
