The Loonie has plummeted during the New York session, and now is trading around 1.2477, down 0.58%. Previously, the US Nonfarm Payrolls report’s headline showed that fewer jobs were created than expected.
The market feeling is in a risk-off mode, as observed by European and US stock indices, with the majority in the red, except for the FTSE 100 and the Dow Jones, rising 0.25% and 0.04%, respectively. Regardless of the negative market sentiment, the risk-sensitive currencies like the loonie, the aussie, and the kiwi are gaining ground against the buck.
Additionally, the West Texas Intermediate crude oil futures hit $80 a barrel for the first time since November 2014, boosting the oil-dependent Canadian currency and exerting downward pressure on the USDCAD pair.
In the meantime, the US Dollar Index, which measures the greenback’s performance versus its peers, is down 0.11%, bracing to 94.11, whereas the US 10-year Treasury yield is rising three basis points (bps), sitting at 1.60%.
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