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Forex News: Canadian Dollar Extends Rally After Upbeat GDP, Jobs

Canadian Dollar Extends Rally After Upbeat GDP, Jobs Data

12/01/2017 - 09:28:00 (RTTNews)

(RTTNews) - The Canadian dollar extended its early rally against its major counterparts in the European session on Friday, following the release of nation's robust jobs data for November and better than forecast GDP for September. Data from Statistics Canada showed that the employment increased for the second consecutive month in November. The employment rose by 79,500 jobs, following an increase of 35,300 jobs in September. Economists had forecast an uptick of 10,000 jobs. The unemployment rate fell by 0.4 percentage points to 5.9 percent, the lowest rate since February 2008. This beats forecast for a drop to 6.2 percent and follows a reading of 6.3 percent in the preceding month. Separate data from the same agency showed that nation's economic growth improved more than forecast in September. On a seasonally adjusted monthly basis, the GDP rose 0.2 percent in September after edging down 0.1 percent in August. Economists were looking for a gain of 0.1 percent. On an annualized basis, the GDP improved 1.7 percent on the third quarter, exceeding forecasts for an increase of 1.6 percent. The second quarter estimate was revised to 4.3 percent, which has been initially reported as a 4.5 percent rise. Oil prices are higher after OPEC agreed to extend its supply quota plan with Russia through 2018. Crude for January delivery rose $0.49 to $57.89 per barrel. The currency rose against its most major counterparts in the Asian session, as oil prices rose after the OPEC and Russia decided to extend their oil production cuts to the end of 2018. The loonie hit a 9-day high of 0.9652 against the aussie, off its previous low of 0.9768. On the upside, 0.95 is possibly seen as the next resistance for the loonie. The loonie climbed to 88.45 against the yen, its strongest since November 17. The pair closed Thursday's trading at 87.25. If the loonie rises further, 90.00 is likely seen as its next resistance level. Survey from Nikkei showed that Japan's manufacturing sector continued to expand in November, and at a faster pace with a 44-month high PMI score of 53.6.

That's up from 52.8 in October, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

The loonie that closed Thursday's trading at 1.2895 against the greenback strengthened to a 4-day high of 1.2741. The loonie is seen finding resistance around the 1.26 mark. The loonie spiked up to a 1-week high of 1.5127 against the euro, from a low of 1.5357 hit at 7:45 pm ET. The next possible resistance for the loonie is seen around the 1.50 mark.

Survey data from IHS Markit showed that Eurozone manufacturing activity expanded notably in November underpinned by production and new orders.

The final factory Purchasing Managers' Index rose to 60.1 in November, its best reading apart from April 2000's series-record high. The score improved from 58.5 in October.

Looking ahead, U.S. ISM manufacturing index for November and construction spending for October are due shortly.

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