Daily Currency Update

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The Loonie erases gains after soft productivity numbers, even despite a strong job report.

CAD - Canadian Dollar

Despite the gains realized in employment data in Canada, especially in the full-time sector, soft productivity is not helping the Loonie to rally. This shows that productivity in Canada is dropping, despite the labour sector adding jobs.

The Loonie was weaker overnight against the Greenback as oil prices soften amid lingering concern about the spread of the Coronavirus. The USD/CAD pair trades at 1.310 after touching an intraday low of 1.3276 right after the jobs release.

Key Movers

The USD/JPY pair was down 0.2 percent at 109.80 versus 109.92 before the U.S. jobs report. The EUR/USD pair was down 0.2 percent, around 1.0965, before the employment data release.

Expected Ranges

USD/CAD: 1.3267 - 1.3321 ▲

EUR/CAD: 1.4588 - 1.4658 ▲

GBP/CAD: 1.7212 - 1.7275 ▲

AUD/CAD: 0.8870 - 0.8923 ▲

NZD/CAD: 0.8515 - 0.8559 ▲