In addition to the US NFP report, the publication of Canadian employment data is also a major concern for investors tonight which is expected to see weakness in the country's labor market.
Like the US, Canada also experienced significant job losses late last year, but they are not expected to return to growth in employment.
Markets predict Canada jobs will fall for the second month in a row as some regions are still implementing economic closures to curb the spread of coronavirus.
Canadian statistics are expected to report a decline of around 47,500 jobs last month, up slightly from the previous 62,600 reduction. Meanwhile the unemployment rate rose to 8.9% from 8.6%.
If this expectation is true, the USD / CAD pair may find support to soar, coupled with impetus from the US NFP employment report if it shows an expected increase.
At the opening of the European session, the loonie dollar traded stable even with stronger greenback dollar trading.
This was supported by rising world crude oil prices which continued to rise to a one-year high, with the benchmark Brent crude approaching the $ 60 a barrel level.
