Forex – USD/CAD firms on soft Canadian jobs report

0 – The U.S. dollar shot up against its Canadian counterpart on Friday after data revealed the number of employed individuals in Canada fell in June.

In U.S. trading, USD/CAD was up 0.62% at 1.0716, up from a session low of 1.0631 and off a high of 1.0723.

The pair was likely to find support at 1.0631, the session low, and resistance at 1.0752, the high from June 25.

Official data released earlier revealed that the number of employed people in Canada declined by 9,400 in June, defying expectations for a 20,000 rise after an increase of 25,800 in May.

The report also showed that Canada’s unemployment rate rose to 7.1% in June, from 7.0% the previous month. Analysts had expected the unemployment rate to remain unchanged last month.

The dollar, meanwhile, saw some demand after the U.S. Department of Labor reported on Thursday that the number of individuals filing for initial jobless benefits in the week ending July 5 declined by 11,000 to 304,000. Analysts had expected jobless claims to hold steady at 315,000 last week.

Elsewhere, the Canadian dollar was down against the euro, with EUR/CAD up 0.54% at 1.4570, and down against the pound, with GBP/CAD up 0.43% at 1.8323.

Source By Breaking News Website | BreakingNews.WS