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Canada lost 6,400 jobs in July as the unemployment rate rose for a third straight month Canadian wage pressures jump to 5.0%, which might not let policymakers signal that the peak in rates is in place Crude prices rally for a sixth straight week on OPEC+ determination to keep oil market tight USD/CAD The past few weeks have not been kind to the Canadian dollar, but that could be changing. The general rise in the dollar has stemmed from concerns over the US debt situation. With both the Fed and BOC in similar positions when it comes to their respective tightening cycles, the Canadian dollar seems like it might be better positioned over the short-term as traders unwind their US dollar bets. The USD/CAD shows the correlation with rising oil prices has not provided much support to the loonie, but that could be changing here. If bearish momentum accelerates, further downside could target the 1.3300 handle. The Canadian dollar could remain in oversold territory a while longer, which could support a further decline towards the 1.3250 region. To the upside, the 1.3400 level provides major resistance. Oil Crude prices are rising as the dollar drops following a mixed NFP […]
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