USD/CAD Slumps Below 1.3500 Amid Weakening USD, Eyes NFP Report

The Canadian Dollar (CAD) gains ground against a softer US Dollar (USD), pushing USD/CAD below 1.3500 ahead of Friday’s crucial US Nonfarm Payrolls (NFP) report. Canadian labor data will also be released on Friday.

While CAD gains against the USD, it remains mixed against other currencies, losing ground to JPY, AUD, and NZD.

Technical Outlook: USD/CAD breaks below 1.3500, falling back towards its 200-day SMA (1.3477). Immediate support lies around 1.3350.

Key Factors:

Weakening USD: Broader USD softness fuels CAD strength.
NFP Report: Friday’s jobs data will significantly impact both currencies.
Other Data: Next week’s US Consumer Price Index (CPI) release could further drive market direction.