RTTN:Canadian Dollar Falls As Oil Prices Decline Before U.S. Jobs Data
The Canadian dollar lost ground against other major currencies ahead of the European session on Friday, as oil prices dropped ahead of the U.S. jobs data due later in the day.
Crude for June delivery fell 0.13 cents or 0.14% percent to $93.86 per barrel at 2:05 am ET.
The U.S. Labor Department's monthly employment report is forecast to show an increase of about 140,000 jobs in April following the much weaker than expected addition of 88,000 jobs in March. The unemployment rate is expected to remain unchanged at 7.6 percent.
The loonie touched a 2-day low of 1.0395 against the aussie, after retreating from yesterday's multi-month high of 1.0307. The loonie may seek support around 1.05.
The loonie that closed Thursday's trading at 1.3203 against the euro and 96.89 against the yen edged down to 1.3277 and 96.75, respectively. On the downside, the loonie may break 1.34 against the euro and 95.00 against the yen.
The Canadian unit declined to 1.0133 against the greenback, its lowest since April 29. If the loonie extends slide, 1.02 is seen as the next downside target level. At Thursday's close, the pair traded at 1.0108.
U.K. services PMI for April and Eurozone PPI for March are slated for release in the European session.
From the U.S., non-farm payrolls data and ISM non-manufacturing composite index for April, factory orders for March are due in the American session.
