CAD Holds Steady Against USD as Jobs Data Loom
The Canadian Dollar (CAD) held steady against the US Dollar (USD) on Friday, with the USD/CAD pair trading just above 1.3800 after bouncing from two-week lows at 1.3765.
The Loonie is still on track for a 0.7% rally this week, despite minor losses against the USD, and the USD/CAD weekly chart is forming a bearish engulfing candle, a negative signal.
The increase in Crude Oil prices has encouraged Loonie bulls, with Brent Oil appreciating about 6.5% on the week and hitting one-and-a-half-month highs above $96.00 on Thursday before pulling back below $94.00 on Friday.
Analysts at Commerzbank note that the Bloomberg consensus expects an increase of 15,000 jobs in Canada in August, but caution that the actual figures have delivered substantial surprises in either direction recently.