Canadian Dollar Rallies Against US Peer on Upbeat Jobs Data

The  Canadian dollar today rallied against its US peer fueled by  the  positive Canadian jobs report and  the  upbeat investor sentiment. The  USD/CAD fell for  the  third straight session as  the  commodity-linked loonie rallied higher capitalising on  the  greenback’s weakness over the  same period.
The  USD/CAD currency pair today fell from an  opening high of  1.3196 during the  Australian market to  a  low of  1.3116 during the  American session and  was trading near these lows at  the  time of  writing.
The  currency pair today fell to  lows last seen on  16th September as  the  dollar extended its 3-day selloff. The  pair headed lower earlier today given that crude oil prices were trading near recent highs as  tracked by  the  West Texas Intermediate, which hit a  high of  $41.38 today. The  release of  the  upbeat Canadian labour market survey for  August contributed significantly to  the  pair’s rally during the  American session. According to  Statistics Canada, the country added 378,200 jobs beating analysts estimates of 156,600 jobs. The country’s unemployment rate fell to 9% from the previous figure of 10%, also boosting the loonie.
The  uncertainty regarding Donald Trump‘s health dragged the  dollar lower as  tracked by  the  US Dollar Index, which hit a  low of  93.04 today. It’s still unclear whether Trump will be able to  attend his Florida rally, while Nancy Pelosi is pushing a  bill to  give Congress power to  remove presidents.
The  currency pair’s performance over the  upcoming weekend is likely to  be affected by  crude oil prices.
The USD/CAD currency pair was trading at 1.3132 as at 19:09 GMT having fallen from a high of 1.3196. The CAD/JPY currency pair was trading at 80.41, having dropped a high of 80.60.
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