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Stumbling Oil Prices Save USDCAD From U.S Election Jitters

Nov, 04th 14:25

USDCAD rallied on Friday, heading for closing the week higher as a slump in crude prices failed to give the Canadian dollar a boost even though the greenback has weakened since the start of the week.

The U.S. dollar was further supported to gain ground versus the Lonnie after report from the U.S. Labor Department showed payrolls climbed by 161,000 last month. The October employment increase was just shy of economists’ forecast of 173,000, while the prior month’s figure was revised higher to a gain of 191,000. Additionally, the unemployment rate fell below 5% and wages rose 2.8% over the past year, which marked the fastest 12-month increase since June 2009.

Healthy gains in employment and the acceleration in average hourly earnings have strengthened the case for the Federal Reserve to raise rate next month. However, given the election on Tuesday and rising uncertainties over the presidential race, the U.S. dollar’s up moves seem not so strong.

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