# USDCAD Price Edges Higher Despite Weak US ADP Jobs Data

> USDCAD edged higher despite a weak US ADP jobs report that came in at 132,000 against a 300,000 consensus. Falling crude oil prices weighed on the Canadian dollar, and the pair could move toward 1.32 if bullish momentum continues.

- Date: 2022-08-31 · published 2022-08-31T12:00:00.000Z
- Category: market · region Canada · magnitude low
- Page: https://feedsoft.ai/events/40276-usdcad-price-edges-higher-despite-weak-us-adp-jobs-data
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Lower oil prices weaken the loonie because Canada is a net crude exporter, a currency move that matters little for feed grain prices. The story is routine currency commentary.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Sources

- asktraders.com: https://www.asktraders.com/analysis/usdcad-price-edges-higher-despite-weak-us-adp-jobs-data/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.