Canadian Dollar Weakens Against US Dollar on Upbeat NFP Data

The  Canadian dollar today lost ground against its southern neighbour driven by  the  upbeat US nonfarm payrolls report for  July released in  the  American session. The  USD/CAD traded higher boosted by  the  risk-off investor sentiment in  the  face of  rising US-China tensions but gave up some of  its initial gains as  the  loonie clawed higher.
The USD/CAD currency pair today rallied from an opening low of 1.3306   to a high of 1.3373 during the Asian session before losing some of its gains, then rallying higher.
The  currency pair’s initial rally was fueled by  the  escalating US-China tensions after President Donald Trump signed executive orders banning Chinese social media apps TikTok and  WeChat from operating in  the  United States. The  falling North American crude oil prices as  tracked by  the  West Texas Intermediate, which hit a  low of  41.33, also contributed to  the  loonie’s woes. The  release of  the  upbeat Canadian labour force survey for  June boosted the  loonie slightly. According to  Statistics Canada, the  country added 418,500 jobs in  June beating analysts’ estimates of  400,000 jobs. Canada’s unemployment rate also fell to  10.9% from 12.3%
The  release of  the  upbeat US non-farm payrolls report by  the  Bureau of  Labor Statistics also boosted the  pair as  the  US added 1.76 million jobs versus the  expected 1.6 million jobs in  July. Hence, lifting the  greenback as  tracked by  the  US Dollar Index.  
The  loonie’s performance over the  upcoming weekend is likely to  be affected by  crude oil prices and  US dollar dynamics.
The USD/CAD currency pair was trading at 1.3373 as at 13:27 GMT, having risen from a low of 1.3306. The CAD/JPY currency pair was trading at 79.06, having fallen from a high of 79.34.
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