Canadian dollar gains on oil and jobs beat
Written by
Daily Currency Update
The Canadian dollar traded higher against its US counterpart this morning as oil stayed high and the Canadian economy continued to add jobs. The release from StatsCan this morning showed that 37,300 positions were added in January, more than double the expectation of 15,000, bringing the unemployment rate down from 5.9% to 5.7%.Key Movers
Oil prices remained elevated after yesterday’s rally. This morning, the West Texas Intermediate (WTI) price was over $76. Renewed focus on hostilities in the Middle East, following Israel’s rejection of a cease-fire deal, pushed oil higher.The euro was up today following lower-than-expected inflation in Germany. Prices in Europe’s biggest economy were up 2.9% last month, lower than the 3.7% seen the month before.
Yesterday's rally in commodities and stock markets hampered the demand for USD. Early trading in North America pointed towards a higher open, and oil prices remain above $76 a barrel, up $3 from earlier in the week. This indicated positive momentum for AUD and CAD in particular.
Expected Ranges
- EUR/CAD: 1.4478 - 1.4541 ▼
- GBP/CAD: 1.6946 - 1.7074 ▼
- AUD/CAD: 0.8729 - 0.8817 ▲
- USD/CAD: 1.3427 - 1.3553 ▼