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USD/CAD: Daily Analysis & Intraday Forecast

The Canadian dollar was little changed against its U.S. counterpart on Friday in seesaw trading as investors largely stuck with bets for central bank rate cuts over the coming months as they assessed mixed U.S. and Canadian jobs data. “If you dig deeper it’s not such a crazy good (U.S. jobs) report as the initial headline suggests,” said Erik Bregar, director, FX & precious metals risk management at Silver Gold Bull. “That’s why I think the dollar bulls are backing off here. That’s why I think CAD’s bouncing.”

U.S. employers hired more workers than expected in December but there were potential red flags in the employment report, including difficulties adjusting the data for seasonal fluctuations.

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