Canadian Dollar Gets Boost from Economic Indicators & Oil Prices

The Canadian dollar rallied against its major peers today thanks to solid macroeconomic data and the rally of crude oil prices.

Canadian employment grew by 19,400 in March from February compared to just 5,700 predicted by analysts. The unemployment rate increased from 6.6% to 6.7%, but that was expected. The Ivey Purchasing Managers Index climbed from 55.0 in February to 61.1 in March, beating expectations by a wide margin.

The trading environment was negative to risk due to the US attack on Syria, and that usually has a negative effect on commodity-related currencies like the Canadian dollar. But this time the situation was different as the attack led to a surge of crude oil prices, and that was beneficial to the loonie.

USD/CAD traded near the opening level of 1.3412 as of 17:55 GMT following the drop to the daily low of 1.3342. EUR/CAD declined from 1.4273 to 1.4201. CAD/JPY was up from 82.59 to 82.96, rebounding from the session minimum of 82.10.

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