Scotiabank strategists Shaun Osborne and Eric Theoret note that the Canadian Dollar is sliding on weaker Canadian employment data and geopolitical concerns, even as US data also softens.

Gold price loses some 0.70% on Friday. It seems poised to end the week with losses of more than 2% as the Greenback remains the choice for safety amid the Middle East conflict, which has increased investors’ angst over a reacceleration of inflation.

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The weekly bar in oil is shaping up to be a long-legged doji but that doesn’t really tell the story of the past week, where aggressive strength turned into weakness only to be followed by strength again. And the USD is holding a strong current correlation to oil prices although this may be more coincidental than the inverse relationship between oil and the Euro.

The price is back below the lows from January at 1.3252. Stay below is the most bearish.

Minor consolidation beneath 1.3650 has given way to anticipated gains

Find information for Canadian Dollar CAD/USD Overview provided by CME Group. View Overview

The Euro finalized the week posting losses of over 1.74% against the Greenback and 0.84% in the day. The EUR/USD posted four bearish days after falling below the 200-day Simple Moving Average (SMA) at 1.1672, turning the pair bearishly biased. At the time of writing, the pair trades at 1.1414.

Steepest job loss since 2022. DXY hits peaks despite weak data. No relief.

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