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Loonie Climbs After Strong Canada Jobs Data

04:37, 2nd December 2016

(RTTNews) - The Canadian dollar strengthened against its most major counterparts in the European session on Friday, after data showed that the economy unexpectedly created jobs in November and jobless rate fell.

Data from Statistics Canada showed that the employment rose by 10,700 jobs in November, defying expectations for a decline of 15,000 jobs. In the previous month, the economy added 43,900 jobs.

The unemployment rate fell by 0.2 percentage points to 6.8 percent, as few people searched for work. The jobless rate was 7 percent in October, which have been expected to remain unchanged.

The loonie climbed to 1.4129 against the euro, off its early low of 1.4231. The loonie may find resistance around the 1.39 zone.

The loonie recovered to 85.83 against the yen, from a low of 85.42 hit at 4:30 am ET. Continuation of the loonie's uptrend may see it challenging resistance around the 87.00 region.

The loonie firmed to 1.3254 against the greenback, its strongest since October 21. The loonie is seen finding resistance around the 1.31 area.

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