USD/CAD Trims Gains as Traders Are Getting Ready for Friday’s Releases

The Canadian dollar trimmed losses versus its US counterpart as traders were getting ready for tomorrow’s employment data in the United States and Canada. The loonie was weak against other majors as crude oil dropped.

Market participants wait for tomorrow’s nonfarm payrolls, hoping that the employment report will give hints whether the US economy is robust enough for the Federal Reserve to continue monetary tightening. Reports released earlier this week did not give a reason to be optimistic for tomorrow’s release.

Data about Canada’s jobs market will also be released on Friday. Economists predict employment growth by 11,700 and the unemployment rate to stay unchanged at 6.5%.

Futures for crude oil demonstrated significant losses today, with US oil dropping more than 1%.

USD/CAD traded at about 1.2582 as of 20:19 GMT today after opening at 1.2568 and rising to the daily high of 1.2617. EUR/CAD advanced from 1.4900 to 1.4941, trading near the highest level since June 28. CAD/JPY declined from 88.05 to 87.42.

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