USD/CAD rises sharply to near 1.3600 after stronger-than-expected US labor market report.
A robust pace in the US job growth data has forced traders to pare Fed ’s 50 bps rate cut expectations. Higher Oil prices have strengthened the Canadian Dollar. The USD/CAD pair climbs to near the round-level resistance of 1.3600 in Friday’s New York session. The Loonie asset strengthens as the United States Nonfarm Payrolls report showed that labor demand remained robust and the wage growth accelerated in September, which has prompted a sharp upside move in the US Dollar .
It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away.
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