Positive Jobs Fail To Benefit CAD

The Canadian dollar failed to benefit from the strong Canadian labour market released Friday, much like the U. S. dollar and the USD/CAD pair is settling in neutral territory on the day around the 1.2450 mark.

The pair has been subject to significant retreat in recent days, together with the volatile conditions seen in crude oil markets.

Though crude oil prices are departing weekly lows, WTI is set to end the week down around $2.0 or slightly more than 2.0%.

Big U. S. crude oil inventory builds in addition to concerns about demand in China and concerns that the U. S. could release oil from its strategic reserve have overshadowed the OPEC+ decision not to increase output in December by more than the 400K barrels per day/month rate stipulated in the cartel’s current agreement.

Looking ahead, with the Canadian economic calendar bare next week, crude oil markets will remain a key driver of the pair.