The USD/CAD pair rebounded to the upside on Friday, where the Canadian dollar weakened after the jobs report inCanadashowed employers shed 54 thousand jobs, while unemployment rose unexpectedly to 7.3%. Meanwhile, the U.S. jobs report showed employers added 80 thousand jobs in October slightly below expectations, but unemployment dropped unexpectedly to 9.0%.
Moreover, jitters from Europe continued to dominate the global scene on Friday, where traders will still concerned that Greece could be heading into a disorderly default, and that possibility that the debt crisis could spread into other nations in the euro zone region, which put more negative pressure on the Canadian dollar to send the USD/CAD pair higher.
Traders will continue to monitor the developments from Europe regarding the debt crisis, especially amid the lack of major economic data from Canada and the United States, but overall, we expect the USD/CAD pair to extend its gains over the coming period.
Monday November 07:
At 20:00 GMT the United States is expected to release the consumer credit figure for September, which could have improved to $5.100 billion from -$9.501 billion.
