The USD/CAD pair prints a fresh four-month high at 1.3640 in Friday’s early American session.
USD/CAD rallies on strong US NFP , weak Canadian labor market data. The speculation for Fed to begin rate cuts could be shifted to the second half of this year. Canadian labors were fired over March. The jobless rate rose to 6.1%. The Loonie asset rallies as the United States Bureau of Labor Statistics has reported upbeat Nonfarm Payrolls and the Statistics Canada has showed poor Employment data for March.
Upbeat labor demand has boosted the US Dollar’s appeal. The US Dollar Index , which tracks the US Dollar’s value against six major currencies, extends its upside to 104.65. Meanwhile, the Canadian Dollar weakens as workers were laid-off over month. Canada’s labor market witnessed drawdown of 2.2K workers, which investors forecasted fresh recruitment of 25K jobs. The Unemployment Rate rose strongly to 6.1% from expectations of 5.9% and the prior reading of 5.8%.
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