The USD/CAD pair remains under some selling pressure for the fifth straight day and is weighed down by a combination of factors.
USD/CAD remains depressed for the fifth straight day ahead of the Canadian jobs data. Rising Oil prices underpin the Loonie and weigh on the pair amid a modest USD slide. Spot prices seem poised to register weekly losses for the first time in the previous four. Spot prices trade around the 1.3725 region during the early European session, just above a nearly three-week low touched on Wednesday.
The key jobs report will influence the Canadian Dollar and provide some meaningful impetus to the USD/CAD pair. Apart from this, the USD and Oil price dynamics should contribute to producing short-term trading opportunities on the last day of the week. The market focus will then shift to the latest US consumer inflation figures, due next Wednesday, which will play a key role in determining the Fed's future policy decision and drive the USD demand in the near term.
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