USD/CAD is ending sharply lower

USD/CAD is ending sharply lower, around C$1.0973, as a renewed rally in crude oil futures fueled a sharp rebound in the currency. A reference to recent CAD strength offsetting economic positives, if it persists, in the Bank of Canada’s statement earlier in session had little short-term impact on the currency. On Friday, Statistics Canada will release the labor force survey for May. TD Securities said the consensus forecast is for the Canadian economy to lose 36,500 jobs after gaining 35,900 in Apr, and for the unemployment rate to come in at 8.3% in May from 8.0% in the previous month. “We remain positive on the CAD’s near to medium term prospects and suspect that CAD slippage around the jobs data should remain limited before the underlying CAD bull trend reasserts itself,” TD said.