Forex – USD/CAD rises after downbeat Canadian jobs data


Dollar higher vs. loonie as Canadian data misses expectationsDollar higher vs. loonie as Canadian data misses expectations – The U.S. dollar rose against its U.S. counterpart on Friday, as the release of downbeat employment data from Canada weighed on demand for the loonie.

USD/CAD hit 1.0687 during European afternoon trade, the pair’s highest since July 8; the pair subsequently consolidated at 1.0685, gaining 0.33%.

The pair was likely to find support at 1.0631, the session low and resistance at 1.0725, the high of June 26.

Official data showed that the number of employed people in Canada declined by 9,400 last month, confounding 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 greenback had shrugged off a report by the U.S. Department of Labor on Thursday, saying that the number of individuals filing for initial jobless benefits in the week ending July 5 declined by 11,000 to a 304,000 from the previous week’s total of 315,000.

Trading volumes were expected to remain thin on Friday, as no U.S. data was to be released throughout the session.

The loonie was also lower against the euro, with EUR/AUD rising 0.27% to 1.4467.

Source By Breaking News Website | BreakingNews.WS