OctaFX | OctaFX Forex Broker
Open trading account

USD/CAD retraces daily gains despite jobs data, OPEC

FXStreet (Córdoba) - USD/CAD is back at square one on Friday following a heavy day datawise, which saw both US and Canadian employment reports, the OPEC meeting and a strong fall in oil prices, and Ivey PMI, to name the most relevants.

While Canadian jobs report came in much weaker than expected (-35.7K vs -10K exp), US nonfarm payrolls beat expectations. Employment reports coupled with a strong fall in oil prices as the OPEC raised oil production ceiling, sent USD/CAD to a peak of 1.3415.

However, gains were quickly reversed as the US dollar faces another wave of selling despite the solid NFP figures, with the pair pulling all the way back to 1.3316 before finding support.

At time of writing, USD/CAD was trading at 1.3348, virtually unchanged on the day. The pair is still on track for a mild weekly decline, following four weeks of gains.

As expected OPEC disregards glut worry, maintains policy of pumping record volumes

At its meeting today in Vienna, OPEC maintained its policy of pumping near-record volumes of oil further adding to the already existing glut that has caused oil price to slum in the last one year. The group decided to increase its collective output ceiling to 31.5 million barrels per day (bpd) from the previous 30 million. Clearly, the decision did nothing to attend the growing supply side concern.
Read more Previous

NFP: Solid gains that supports continued economic growth - Wells Fargo

According to economists from Wells Fargo today’s numbers support the Fed’s move to raise rates for the first time since 2006 as it shows solid gains and diminishing slack.
Read more Next
Start livechat