At 12:30 GMT, the Canadian economy revealed the unemployment rate for June at 12.3%, worse than forecasts of 12%, but better than the previous reading of 13.7% (all-time low).

At 12:30 GMT, the US economy released its monthly PPI reading for June, which shrunk by 0.2%, lower than forecasts and the previous reading of 0.4%. 

The core PPI reading (excluding food and fuel prices) also shrunk 0.3%, worse than forecasts and the previous reading of 0.1%. This data is considered negative for the US economy.

Oil prices continued to drop as the US market opened on Friday, to deepen losses for the second straight daily loss and hit a week low, while heading for the second weekly loss in 3 weeks, on global demand concerns, after the coronavirus-linked restrictions were renewed in the US and other countries. 

US crude fell 2.6% to the lowest level since June 29 at $38.56 a barrel, after a session-high of $39.78, while Brent shed 2.4% to $41.34 a barrel from a high of $42.54. 

US crude lost 3.1% yesterday, and Brent fell 2.3%, posting the second loss in 3 days, on US oversupply concerns. 

Oil prices have lost around 3% so far during this week, to head for the second weekly loss in 3 weeks, on demand concerns and an unexpected build in US crude inventories.

Reuters reported that the US coronavirus infections saw a spike by more than 60,500 new cases of on Thursday, which is a new daily record.

Consequently, this forced the authorities in many US cities and states to delay reopening many economic activities.

Government authorities in Australia locked down the second most populous city, Melbourne, after a surge in coronavirus infections.

The Australian government will also decide today on reducing the number of citizens allowed to return from abroad, especially from the US, Brazil and India.

This renewed concerns about the global demand, which saw a relative recovery recently, after the end of the coronavirus lockdown measures in many Asian and European countries.

The US Energy Information Administration (EIA) showed yesterday that the US crude inventories rose 5.7 million barrels during the week ending July 3, beating forecasts of a drop by 3.2 million barrels.

The total US inventories up to 539 million barrels, 16% over the five-year average and almost touching the record high of 541 million barrels. 

US output steadied unchanged last week at 11.00 million bpd, as the US still the world's top producer. 

The Canadian dollar fell on Friday, to deepen its losses for the second straight day and hit a 1-week low, as oil prices fell while the US dollar rose, ahead of the release of key data on the Canadian labor market, which provides insight on the Canadian economy recovery from the coronavirus.

USD/CAD rose 0.35% to the highest since June 30 at, after opening at 1.3584, and hitting a high of 1.3575.

Oil prices fell more than 2%, dropping for the second day in a row, on renewed concerns over the global demand.

The dollar index rose more than 0.2%, rising for the second day in a row, in recovery attempts from a 4-week low of 96.24 points.

The US dollar was lifted by safe-haven buying, amid fears over the coronavirus infections spike in the US, and concerns over delaying the quick recovery of the US economy, and US President Donald Trump  political tensions.

Investors are anticipating key economic data releases today on the Canadian employment change reading for June, which provides insight on the Canadian economy recovery from the coronavirus..

At 12:30 GMT, Canadian employment change reading is expected to reach 700.0K new jobs during June vs. 389.6K jobs in May, and the unemployment rate is expected to fall to 12.0% from 13.7%.