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Market News Below 1.3400, USD/CAD Maintains Its Defensive Stance As Investors Await US NFP Data

Below 1.3400, USD/CAD Maintains Its Defensive Stance As Investors Await US NFP Data

USD/CAD continues to be subject to selling pressure near 1.3376 due to the USD's weakness. In January, the ISM Manufacturing Purchasing Managers' Index for the United States exceeded expectations. The S&P Global Manufacturing PMI for Canada increased from 45.4 in December to 48.3 in January. Later on Friday, the United States Nonfarm Payrolls (NFP), Unemployment Rate, and Average Hourly Earnings will be released.

TOP1 Markets Analyst

2024-02-02

7260

Early on Friday morning, the USD/CAD pair maintained its defensive stance below the 1.3400 level during Asian trading hours. A four-week winning trend is broken as the US Dollar (USD) loses its momentum of recovery and falls to 103.00. The January US Nonfarm Payrolls (NFP) report is anticipated by traders. This occurrence has the potential to incite market volatility. At present, USD/CAD is trading near 1.3376, a decrease of 0.09% on the day.

According to data released on Thursday, the Purchasing Managers' Index (PMI) for manufacturing in the United States improved significantly in January. The US ISM Manufacturing PMI was reported at 49.1, exceeding the market consensus of 47.0, as opposed to 47.1. Resumed expansion of new orders and a deceleration in production contraction constituted the majority of the overall expansion. The optimistic Manufacturing PMI result did not inspire a rally in the US dollar as investors processed the details derived from the January Federal Reserve meeting.

The January reading of the Canadian S&P Global Manufacturing PMI increased from 45.4 to 48.3, as reported on Thursday. This week, it was reported that the actual Gross Domestic Product (GDP) of the country increased by 0.2% in November. The growth figures suggested that the Canadian economy was resilient and may alleviate pressure on the Bank of Canada (BoC) to reduce interest rates. In the interim, the commodity-linked Loonie could be adversely affected by a decrease in oil prices, given that Canada is the leading exporter of crude to the United States.

On Friday, market participants will attentively monitor labor market data from the United States. The Nonfarm Payrolls (NFP) of the United States are projected to gain 185,000 jobs in January. Lastly, it is anticipated that average hourly wages will increase by 0.3% month-over-month, while the unemployment rate will rise to 3.8%. Additionally, the final reading of the Michigan Consumer Sentiment and US Factory Orders will be released. In the vicinity of the USD/CAD pair, traders will identify trading opportunities based on these figures.