The positive trend of the Canadian dollar, which is trading at levels never seen since the beginning of March around 1.35, means that if Canadian employment figures meet expectations, the loonie could rise slightly, prolonging its trend, according to FXStreet analyst Yohay Elam.
“A major setback, such as job losses close to a million or an unemployment rate close to 20%, could weigh on the loonie. A substantial beat, such as a drop in the unemployment rate or less than 300,000 lost jobs, can send it higher. ”
“It is essential to note that the reaction in USD / CAD could be distorted by the American report on non-agricultural wages published at the same time. The numbers leading up to the event were too good to be true, causing more confusion and implying more volatility in the dollar. “
“Another factor to consider is oil. The price of Canada’s essential exports has been volatile in recent times, as OPEC + members continue to deliberate on further production cuts. All of the headlines airing Friday at 12:30 p.m. GMT – when the workforce figures are known – would also shake the USD / CAD. “