USD/CAD challenges 1.3000

The loonie is among the top performers in the currency market on Friday. USD/CAD is falling a hundred pips and currently is hovering around 1.3000.

A stronger CAD

The pair moved in ranges most of the day and after the release of the US employment report, it turned sharply to the downside. It bottomed at 1.2987, reaching the lowest level since the beginning of the week. Then it rebounded modestly but it faced resistance at 1.3030 and drop back to test the 1.30 handle.

Greenback initially fell sharply in the market after US data but then reversed sharply erasing most of the losses, except against the Loonie and the Pound; both currencies held to gains.

The Canadian dollar received some extra support from the rally in crude oil prices. The WTI is trading at daily highs at $44.45, up almost 3% for the day.