Forex - USD/CAD slips to daily low as crude prices rebound

Forex Pros – The U.S. dollar was down against its Canadian counterpart on Monday, as crude oil, Canada’s largest export, recovered ground after Friday’s better-than-expected U.S. jobs data.

USD/CAD hit 0.9604 during European morning trade, the daily low; the pair subsequently consolidated at 0.9647, shedding 0.17%.

The pair was likely to find support at 0.9571, Friday’s low and resistance at 0.9702, the high of the same day.

Data on Friday showed that U.S. nonfarm payrolls rose by 244,000 in April, far outstripping the expected 185,000 forecast gain as the private sector posted the strongest employment gain in five years.

Crude oil for delivery in June jumped 2.18% on the New York Mercantile Exchange, to trade at USD100.15 a barrel, after peaking at USD100.27 earlier in the day.

Meanwhile, the loonie was down against the euro, with EUR/CAD rising 0.56% to hit 1.3915.

Later in the day, Canada was to publish government data on housing starts while the U.S. was not scheduled to release any economic data of note.