FXStreet — The canadian Dollar is recovering against the Background of rising Oil prices on a broad Front. Of the daily highs for the USD/CAD to more than a hundred Pips down. In the last six minutes, the currency lost some 60 Pips.
The currency pair rose previously to 1,3792 and marked the highest level since February of 2016. Then it went on its course of consolidation between 1,3785 and 1,3750. Immediately after the economic data from the United States and Canada, it was even still within the sideways range. But then the Oil prices celebrated a phenomenal Comeback, and the USD/CAD has been passed through. Finally, the currency fell to a few under the 1,3700 on 1,3685 and reached a new 2 day Low.
The listing bites currently on the Deep — and the trend bearish. In the past few days, staged high-altitude flight, the currency pair staged for the first time in more than a week of a significant correction. The Loonie should be able to defend its gains until the end of the day, would be the first price increase against the US Dollar since may 20. April
Hardly any impulses from the labour market data
The canadian jobs report was weaker than expected and provided initially for pressure on the Loonie, except in relation to the US Dollar. The negative impact of the canadian labour market data has been negated by the NFP. So the US exceeded-report expectations, but the details were sobering. In the Wake of the USD/CAD lost the positive Momentum, which had limited the top.
** FXStreet News Editorial, FXStreet**