The Canadian Dollar (CAD) strengthens against the US Dollar (USD) on Friday, snapping a six-day losing streak after stronger-than-expected labor market data signaled resilience in Canada’s economy. At the time of writing, USD/CAD is trading around 1.4064, down nearly 0.35% on the day.
There is room for New Zealand Dollar (NZD) to edge lower, but any decline is likely part of a lower range of 0.5620/0.5650. In the longer run, downward pressure has increased; NZD could weaken to 0.5600 next, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
The US Dollar trims losses on Friday with investors wary of risk following another sell-off on Wall Street, as concerns of an AI bubble remain alive.