Canadian Dollar Heads for Fifth Day of Gains vs. US Dollar

The Canadian dollar climbed against its US counterpart for the fourth day in a row on Wednesday and continued to move up during Thursday’s early trading. The currency was little changed against such majors like the euro and the Japanese yen.
The main reason for the loonie’s rally against the greenback was US employment data released on Friday. The report was abysmal, basically erasing any chances for an interest rate hike during next week’s meeting of the Federal Reserve. This sent the US dollar lower against other currencies, including the Canadian dollar.
The loonie also got a boost from the rally of crude oil prices. In fact, crude hit new highs for this year during the Wednesday’s trading session.
USD/CAD was down from 1.2692 to 1.2670 as of 00:32 GMT today. EUR/CAD was trading at about 1.4445, starting to break down from the open of 1.4461. CAD/JPY was little changed at 84.30.

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