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Forex News: Canadian Dollar Spikes Up After Canada Jobs Data

Canadian Dollar Spikes Up After Canada Jobs Data

10/06/2017 - 10:42:00 (RTTNews)

(RTTNews) - The Canadian dollar strengthened against its major opponents in New York deals on Friday, as the economy continued to create jobs in September, while the jobless rate matched a nine-year low.

Data from Statistics Canada showed that the employment rose by 10,000 jobs in September. Economists had expected an addition of 12,000 jobs, following a gain of 22,200 last month.

The unemployment rate remained at 6.2 percent, matching the low of October 2008.

Investors seem to shrug off weak U.S. nonfarm payrolls in September.

The report said non-farm payroll employment fell by 33,000 jobs in September after climbing by an upwardly revised 169,000 jobs in August.

Meanwhile, crude oil futures plunged ahead of U.S. rig count data that may show the energy industry is ramping up post-Hurricane Harvey.

WTI light sweet crude oil was down $1.32 cents at $49.47 a barrel.

The currency has been trading higher in the European session.

The loonie bounced off to 90.30 against the yen, from an early low of 89.64. If the loonie rises further, 92.00 is possibly seen as its next resistance level.

Preliminary data from the Cabinet Office showed that Japan's leading index improved to the highest level seen since early 2014 in August.

The leading index, which measures the future economic activity, rose to 106.8 in August from 105.2 in the previous month.

The loonie reversed from an early new 5-week low of 1.2597 against the greenback, rising to 1.2541. On the upside, 1.24 is possibly seen as the next resistance for the loonie.

The loonie advanced to 0.9718 against the aussie, its strongest since September 27. Further uptrend may take the loonie to a resistance around the 0.95 mark.

The loonie edged up to 1.4667 against the euro, off its early 4-day low of 1.4737. The next possible resistance for the loonie is seen around the 1.45 region.

Data from Destatis showed that Germany's factory orders rebounded at a faster than expected pace in August.

Factory orders grew 3.6 percent month-on-month in August, reversing a revised 0.4 percent fall in July. Orders were forecast to climb 0.7 percent.

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