- USD/CAD tumbled in the US session on Friday.
- Unemployment Rate in Canada dropped to 9% in September.
- US Dollar Index declines to 20-day low sub 93.30.
The USD/CAD sold off in the early US session hitting the lowest level in almost 3 weeks at 1.3135. USD/CAD trades -0.42% at 1.3138.
CAD boosted by strong Canadian jobs report
According to Statistics Canada the Unemployment Rate in September dropped to 9% down from 10.2% the previous month. This was much better than the 9.7% expected ( 9.7%) The Net Change in Employment jumped by 378,000 smashing analysts forecasts of 156,600, lifting the loonie.
Continued USD weakness supports the USD/CAD move southwards on Friday.
Given a lack of US macroeconomic data market sentiment continues to drive the USD’s versus its peers. S&P 500 futures traded +0.6% before the opening bell, the US Dollar Index trades at 93.22 -0.37%, an almost 3 week low..
West Texas Intermediate is trading just shy of $41 this doesn’t appear to be dragging on the commodity-sensitive CAD for now