USD/CAD reverses to upper 1.2700s, probes 1.2800 after strong US jobs data and amid risk-off flows By Frank_Macro USDCAD BOC RiskAppetite
id a distinctly risk-off market tone weighed on the more risk-sensitive Canadian dollar. The pair started the session underneath 1.2700, but at one point had rallied as much as 0.9% to nearly test 1.2800. At current levels in the 1.2760s, USD/CAD trades with gains of about 0.7%on the day, with the pair now trading about 1.5% above multi-week lows printed on Thursday underneath 1.2600.
Equally though, the loonie has somewhat surprisingly failed to keep pace with the likes of other commodity-linked G10 currencies like the kiwi and Aussie as oil prices look to end a historic week on the front foot. Since the end of February, 1.2800 has offered strong resistance which was only really broken one time when Russia surprised global markets with his invasion of Ukraine slightly more than one week ago.
Following a much stronger than anticipated February Canadian Ivey PMI survey release earlier on Friday and a smaller than expected decline in Labour Productivity in Q4, focus turns to official Canadian labour market data scheduled for release next Friday. Another factor that should work in favour of the loonie in the coming months is the more hawkish BoC, which hiked interest
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