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Forex News: Canadian Dollar Higher After Upbeat Jobs Data

Canadian Dollar Higher After Upbeat Jobs Data

02/08/2019 - 09:28:00 (RTTNews)

(RTTNews) - The Canadian dollar spiked up against its major counterparts in the European session on Friday, following the release of a data showing much better than expected Canadian job growth in the month of January.

Data from Statistics Canada showed that the employment rose by 66,800 jobs in January following an increase of 9,300 jobs in the previous month.

Economists were looking for a gain of 5,000 jobs.

The unemployment rate rose to 5.8 percent from 5.6 percent in December. Economists had forecast a reading of 5.7 percent.

Oil prices rose despite renewed worries that a trade dispute between the United States and China would remain unresolved.

Crude for March delivery rose $0.34 to $52.98 per barrel.

The currency dropped against its most major counterparts in the Asian session amid risk aversion, as U.S.-China tensions resurfaced following a CNBC report that a Trump-Xi meeting is highly unlikely before a March 1 deadline.

The loonie appreciated to 1.5016 against the euro, from a low of 1.5113 hit at 9:00 pm ET. The loonie is likely to challenge resistance around the 1.49 level.

Data from the Federal Statistical Office showed that Germany's exports rebounded at a faster-than-expected pace in December, exceeding expectations, and imports followed suit.

Exports rose a calendar and seasonally-adjusted 1.5 percent from November, when they declined 0.3 percent. Economists had expected 0.5 percent growth.

Having dropped to a 9-day low of 82.27 against the yen at 9:00 pm ET, the loonie reversed direction and advanced to 83.01. Next key resistance for the loonie is seen around the 84.00 region.

Data from the Ministry of Finance showed that Japan logged a current account surplus of 452.8 billion yen in December - shy of expectations for a surplus of 458.5 billion yen and down from 757.2 billion yen in November.

The trade balance showed a surplus of 216.2 billion yen, exceeding forecasts for 132.4 billion yen following the 559.1 billion yen deficit in the previous month.

The loonie strengthened to 1.3235 versus the greenback, following a 2-week low of 1.3329 touched at 9:00 pm ET. If the loonie rises further, 1.31 is possibly seen as its next resistance level.

The loonie reversed from an early 2-day low of 0.9454 against the aussie, rising to 0.9393. On the upside, 0.92 is possibly seen as the next resistance level for the loonie.

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