Canadian dollar loses ground as jobs data dips
Daily Currency Update
The Canadian dollar lost the ground it gained this week as the US jobs data soared while the Canadian economy lost jobs last month. Data reported this morning from Statistics Canada showed 2,000 lost Canadian positions in March against an expected addition of 25,000. This had the CAD down against all other major currencies today as markets reviewed the possibility of a rate cut from the Bank of Canada (BoC). Oil maintained the rally markets saw this week as both Brent Crude Oil and West Texas Intermediate (WTI) prices climbed higher. WTI oil rose into the $86 per barrel range. Oil prices pushed higher as The Organization of the Petroleum Exporting Countries (OPEC+) decided to keep output levels even and geopolitical risk remained elevated as tensions once again climb in the Middle East.Key Movers
The US Dollar Index (DXY) was up over half a percent to start the Friday session after the release of US Jobs numbers for March. The Greenback gained against all other major currencies as releases this morning showed an addition of 303,000 positions last month, better than the consensus expectation of 200,000. This release also has markets assuming that the Federal Reserve will keep rates higher for longer meaning any rate cuts might wait until the fall.A lack of data in the European session had both the euro and GBP down against the US dollar. An overnight high in Brent Crude Oil prices near $91 also impacted both currencies. The EUR/USD pair traded near the 1.0801 level while the GBP/USD traded around 1.2590.
Expected Ranges
- EUR/CAD: 1.4654 - 1.4793 ▲
- GBP/CAD: 1.7087 - 1.7174 ▲
- AUD/CAD: 0.8910 - 0.8984 ▲
- USD/CAD: 1.3480 - 1.3632 ▲