The Canadian dollar was little changed during Thursday’s Asian trading session after demonstrating mixed performance during the Wednesday’s session.
Prices for crude oil rallied on Wednesday, but the currency failed to profit from the rally, and now crude has retreated, depriving the loonie from support. On the positive note, Canada’s trade balance deficit narrowed from C$2.2 billion in July to C$1.9 billion in August. The encouraging data suggested that the nation’s economy is strong and eased pressure on the Bank of Canada to cut its interest rates.
Now, traders wait for September employment data from Canada and the United States scheduled for release on Friday. Ahead of the report, analysts estimated that Canadian employers added 8,500 jobs.
USD/CAD traded at 1.3183 as of 1:31 GMT today after opening at 1.3191 and closing at 1.3175 yesterday. CAD/JPY rallied from 77.98 to 78.52 during the previous trading session before trading near 78.45 during the current session. CAD/CHF was at about 0.7394 following the drop from 0.7418 to 0.7394.
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