Canadian dollar hits one-week low ahead of jobs data

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%.