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USD Finishes Week On Front Foot, CAD Reverses Post Strong Jobs Data

FOREX
  • G10 currencies were subdued on Friday, with little news or event risk to garner significant market interest. Despite the narrow ranges, the greenback trades in marginally firmer territory capping off a positive week for the dollar index, rising around 0.6%.
  • Headlines surrounding the Biden administration weighing a new investigation into Chinese subsidies and their damage to the U.S. economy as a way to pressure Beijing on trade prompted a small spike in USDCNH. The pair rose from around 6.43 to 6.44 before consolidating thereafter.
  • The Canadian dollar traded well in the lead up to Canadian employment data. The figures surprised to the upside, posting a 90k increase in the net change for August and a lower unemployment rate of 7.1%. Similar price action to the bank of Canada where initial CAD optimism dissipated almost immediately, causing a path of least resistance short squeeze in USDCAD. Equity weakness exacerbated this bounce with USDCAD reversing the entirety of the days move from 1.2583 lows back to 1.2660, broadly unchanged on the day.
  • Little in the way of meaningful price action elsewhere, however, EURUSD has traded with a heavy tone, slipping to the lowest levels of the day, just 10 pips shy of the weeks lows and what has been defined as a key short-term support and bear trigger at 1.1802.
  • For Friday, NZD (+0.28%) and NOK (+0.21) topped the G10 pile while the Japanese Yen (-0.2%) actually underperformed despite the softer US indices.
  • A quiet Monday data docket before the market focus turns to the week's key US CPI data scheduled on Tuesday.
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