Canadian dollar steadies as exports rise, eyes on Jobs and FED data.
The Canadian dollar held its ground against a broadly firmer greenback on Tuesday, as domestic data showed a third consecutive monthly trade surplus in January and investors awaited jobs data that could provide further direction.
The Canadian dollar settled at C$1.3416 to the greenback, or 74.55 U.S. cents, barely weaker than Monday's close of C$1.3410, or 74.57 U.S. cents.
The currency's strongest level of the session was C$1.3383, while its weakest was C$1.3436, just one pip under the nearly two-month low the loonie touched on Friday.
"From here, there's a lot on the calendar that can still move dollar/Canada to where we see it going, which is the C$1.40 level by Q2," said Eric Theoret, a currency strategist at Scotiabank.
"This week it's the employment picture and then next week the highlight will be the Fed, obviously."
Canadian jobs data is also due on Friday, although the Bank of Canada is broadly seen holding steady on monetary policy despite recent solid economic data.
Canada sends about 75 percent of its exports to the United States and could suffer badly if U.S. President Donald Trump follows through on promises to renegotiate the North American Free Trade Agreement (NAFTA) or if a proposed border adjustment tax is implemented.