Canadian Dollar Spikes Higher On Upbeat Jobs Data
October 11 2019 - 5:54AM
RTTF2
The Canadian dollar strengthened against its major counterparts
in the European session on Friday, as a data showed that the
economy added more jobs than forecast in September, while the
jobless rate fell.
Data from Statistics Canada showed that employment rose by
53,700 jobs in September compared to economist estimates for an
increase of about 5,000 jobs.
That follows an increase of 81,100 jobs in August.
The unemployment rate fell to 5.5 percent in September from 5.7
percent in August. Economists had expected the unemployment rate to
remain unchanged.
The loonie traded mixed against its major counterparts in the
Asian session. While it dropped against the aussie and the euro, it
held steady against the greenback and the yen.
The loonie spiked up to more than a 4-week high of 82.04 against
the yen, up from Thursday's closing value of 81.18. If the loonie
rises further, 83.5 is possibly seen as its next resistance
level.
The loonie that ended Thursday's trading at 1.4620 against the
euro moved up to a 2-day high of 1.4587. The next possible
resistance for the loonie is seen around the 1.44 level.
Final data from Destatis showed that Germany's consumer price
inflation slowed as initially estimated in September to the lowest
since early 2018.
Consumer price inflation slowed to 1.2 percent in September from
1.4 percent in August. This was the lowest rate since February
2018, when the rate was 1.1 percent.
After dropping to 1.3300 against the greenback in the Asian
session, the loonie reversed direction, rising to a 9-day high of
1.3206. The loonie is likely to locate resistance around the 1.30
region.
The loonie edged up to 0.8974 against the aussie, following a
new 3-week high of 0.9037 seen at 8:00 am ET. The loonie is seen
testing resistance around the 0.88 mark.
Looking ahead, University of Michigan's U.S. consumer sentiment
index for October is due in the New York session.
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