The Canadian dollar climbed Thursday following sharp losses, as crude prices recuperated and ahead of Canadian jobs data for June.
Oil prices rose almost 3% after the Chinese stock market steadied from its recent decline and nuclear negotiations with Iran.
The employment data is due Friday, the last economic data to be released before the Bank of Canada’s rate decision Wednesday.
The loonie ended at 78.70 US cents from Wednesday’s 78.49 US cents.
Certain traders long on USD/CAD were possibly taking some profit, “scaling back bets ahead of Friday’s jobs data in case the figures come out better than expected,” said Greg Anderson, Global Head of Foreign Exchange Strategy at BMO Capital Markets.
The material has been provided by InstaForex Company – www.instaforex.com