Canadian Dollar steadies as Oil surge offsets USD rebound
The post Canadian Dollar steadies as Oil surge offsets USD rebound appeared on BitcoinEthereumNews.com. USD/CAD trades on a flat note around 1.3670 on Monday, down modestly by 0.05% on the day at the time of writing. The US Dollar (USD) finds some support after Friday’s stronger-than-expected US employment report, but gains in the Canadian Dollar (CAD) are limiting the pair’s upside amid higher Oil prices. The Bureau of Labor Statistics (BLS) reported that the US economy added 115K jobs in April, compared with 185K in March after revision, beating market expectations of 62K. Meanwhile, the Unemployment Rate remained steady at 4.3%, in line with consensus forecasts. The data reinforced expectations that the Federal Reserve (Fed) could remain cautious regarding additional monetary easing. MUFG noted that the rebound in the US Dollar is being supported both by persistent geopolitical tensions and by the stronger-than-expected Nonfarm Payrolls (NFP) report. The bank also believes that the