Loonie Firms After Solid Canada Jobs Data
September 06 2019 - 6:46AM
RTTF2
The Canadian dollar strengthened against its major counterparts
in the New York session on Friday, as a data showed that the
economy created much more jobs than forecast in August.
Data from Statistics Canada showed that employment rose by
81,100 jobs in August, after a drop of 24,200 jobs in the previous
month. Economists had expected an increase of 18,900 jobs for the
month.
The unemployment rate remained unchanged at 5.7 percent. The
rate matched economists' forecast.
The loonie bounced off to 81.12 against the yen and 0.9009
against the aussie, from its early low of 80.59 and a new 5-week
low of 0.9053, respectively. Next immediate resistance for the
loonie is seen around 83.5 against the yen and 0.86 against the
aussie.
The loonie strengthened to a 2-year high of 1.4540 against the
euro and more than a 5-week high of 1.3160 against the greenback,
off its previous lows of 1.4613 and 1.3244, respectively. The
currency is likely to find resistance around 1.42 against the euro
and 1.30 against the greenback.
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