The CAD is the only major currency lower vs the USD today
As the USD is dumped, the CAD is outdoing the greenback. The USDCAD is higher on the day as the crude oil dump has pressured the loonie. Crude oil is currently trading down $-3.80 or -8.35% at $42.10 (trading at session lows). The $42.02 to $42.32 area is a key key support for crude.
Technically, the USDCAD although higher, is being throttled on the upside by swing levels in the 1.34308 to 1.34378 area. The high price just reached 1.34387. That area is trying to put a ceiling on the pair. A move above however should see further upside momentum with the high price from last week at 1.34638 as the next upside target.
For the week, both the US and Canada cut rates by 50 basis points. The employment data in each country today was better than expectations (Canada net change in employment rose by 30.3K with a gain of full-time employment of 37.6K. US employment was also much stronger than expectations). The price of oil is an influence.
