Friday price movements slowed from the Asian session to the European session while investors awaited the US NFP (US) employment data report in the New York session shortly.
The depreciation of the US dollar gave way for other major currencies to rise in the market. But be on the lookout for possible US dollar strengthening following the issue of the US economic stimulus package that is back in trouble.
Meanwhile, the crude oil market returned positive after OPEC and its allies agreed to reduce production starting January 2021.
This factor has been the driving force for the Canadian dollar commodity to strengthen over the weekend as crude oil became Canada's main source of exports.
On the USD / CAD currency pair chart, the price has fallen to its latest low after exceeding the support level of 1.29000.
The price closed yesterday's trade around 1.28500 recording the latest low since September 2018. The price momentum is still maintained until the weekend.
The start of today's European session saw prices continue to decline at a slow pace while Canadian employment data reports were also a focus published alongside NFP reports.
A lower price drop is expected up to the level of 1.27800 which is the support level in September 2018.
The price increase is seen to test the level of 1.29000 which forms the SBR zone (support become resistance) and a higher increase will lead to the price zone again 1.30000.
