The US dollar is slightly outperforming the Canadian dollar and has been overall mixed against other major currencies in today’s trade. Banks in both countries are closed in observance of Veterans Day, the day World War I ended.

The lower liquidity has left its marks on the USD/CAD pair, which is up only 0.02% from Friday’s close. As of 2:10 p.m. London time, the US dollar traded at 1.3228 against the loonie.

During the Asian session, the pair fluctuated in a very tight range between 1.3218 and 1.3233, giving markets time to scrutinize Canada’s employment data and consolidate greenback’s gains. The data, which showed a net loss of 1.8K jobs vs market expectations of a 14.7K gain, fueled bets of a rate cut by the Bank of Canada and weighed on the Canadian currency.

The pair will likely remain calm to slightly bullish ahead of the US CPI report on Wednesday and the BoC Governor Poloz’s speech on Friday. The speech will be closely followed by markets as Governor Poloz can, if he chooses so, give hints on future BoC moves.

Meanwhile, the latest CoT report showed that investors reduced bearish bets on the loonie by C$462 million and increased long positions by C$579 million last week. However, the data doesn’t reflect position changes after the weak labour data statistics from Canada.

From a technical standpoint, the USD/CAD pair is trading near the 61.8% Fib level, measured from the top to the bottom of the October downturn. A break above that level could push the price up to the October highs around 1.3345. To the downside, the pair looks well supported by 1.3200. is a news site only and not a currency trading platform. is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on do not represent our views.