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Canadian Dollar Participants Eyeing Canadian Job Data This Thursday

CAD - Canadian Dollar

The Canadian dollar looks to have seen little change from its NA close on Friday to its open this morning, yet it has already been through a volatile overnight session with highs of 1.4260 and lows at 1.4080. Market participants will be looking ahead to the Canadian Employment situation as Statistic Canada is due to release the Employment and the Unemployment rate this Thursday ahead on Good Friday when the Canadian market will close ahead of Easter.
Russia and Saudi Arabia, along with other large oil producers, are attempting to negotiate on an oil supply deal to stem the market from a crash. Some progress was made on Sunday, although financial news reports said that the virtual meeting between OPEC and its allies scheduled for Monday, April 6, has been postponed as tensions mount between Saudi Arabia and Russia. WTI crude trades 3.45% lower this morning at 27.36 a barrel.

Key Movers

The non-farm payroll print showed an appalling reading of 700,000 lost jobs last month, a worrying sign for the U.S. economy with economist's surveys expecting a drop of 100,000. The official employment figure increased to 4.4% up from 3.5% in the previous month. Jobless claims this week are expected to be significant again with expectations of another 5 million citizens filing for unemployment in the United States this week. A wave of dismissals and redundancies is spreading across corporate America. Only weeks ago, businesses were hoping for a short interruption in operations; now, they are preparing for a severe downturn and substantial cash shortages. U.S. unemployment's claims doubled to 6.6million last week from 3.3million between 15th-22nd, that's over 10million Americans filling for unemployment in March. Gap, Kohl's and Macy's alone have put more than 227,000 workers on unpaid leave last week, which will inevitably affect the up and coming U.S. economic figures.

Traditional safe-haven moves were in play on Friday as risk sentiment continued to wane with coronavirus cases continuing to climb. The U.S. Dollar index was 0.6% higher, which is measured against a basket of currencies, seeing highs of 100.80.

Expected Ranges

USD/CAD: 1.4080 - 1.4260 ▼

EUR/CAD: 1.5229 - 1.5419 ▼

GBP/CAD: 1.7296 - 1.7395 ▼

AUD/CAD: 0.8517 - 0.8601 ▲

NZD/CAD: 0.8317 - 0.8407 ▲