USD/CAD juggles above 1.3560 ahead of US/Canada Employment data, oil consolidates – by Sagar_Dua24 USDCAD Employment Oil DollarIndex Fed
USD/CAD struggles to find direction as investors seek Canadian employment data for fresh cues.
A resilient US labor market is likely to support the Fed’s decision of hawkish policy continuation for a longer period.USD/CAD pair is oscillating in a narrow range of 1.3560-1.3580 in the early Asian session. The Loonie asset has turned sideways after a rally from the psychological support of 1.3500. The US Dollar witnessed firmer strength from the market participants after the upbeat United States Automatic Data Processing Employment Change data triggered a risk-aversion theme. soared to the crucial resistance of 105.
For more clarity on the status of the US labor market, investors will scrutinize the release of the USMeanwhile, the Canadian Dollar will also display action on the release of the Employment data. According to the estimates, net addition in payrolls for December stands at 8K against 10.1K released earlier. TheOn the oil front, the oil price is displaying a rangebound action ahead of the release of the official US Employment data.
could pick strength as the Covid-19 situation might find its peak sooner. It is worth noting that Canada is a leading exporter of oil to the US and higher oil prices support the Canadian Dollar.
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