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Forex News: Canadian Dollar Strengthens After Strong Jobs Data

Canadian Dollar Strengthens After Strong Jobs Data

08/10/2018 - 09:54:00 (RTTNews)

(RTTNews) - The Canadian dollar spiked up against its major counterparts in the European session on Friday, as the economy created more jobs than forecast in July, while the jobless rate fell.

Data from Statistics Canada showed that the employment rose by 54,100 jobs in July, following an addition of 31,800 jobs in June. Economists were expecting a job growth of 17,000.

The unemployment rate declined by 0.2 percentage points to 5.8 percent from 6 percent. The rate was forecast to fall to 5.9 percent.

Oil prices edged higher after the International Energy Agency raised its estimate of world oil demand growth next year by 110,000 barrels a day to 1.5 million barrels.

In its monthly oil market report, the IEA said that the new U.S. sanctions against Iran could make maintaining the world's oil supply 'very challenging'.

Crude for September delivery rose $0.70 to $67.51 per barrel.

The loonie showed mixed trading against its major rivals in the Asian session. While it fell against the yen and the greenback, it rose against the euro and the aussie.

The loonie spiked up to 0.9527 against the aussie, a level not seen since June 2016. The loonie is likely to challenge resistance around the 0.94 level.

The Reserve Bank of Australia trimmed its near-term inflation forecast but broadly maintained its growth projections.

In its quarterly Statement on Monetary Policy, the forecasts for domestic output growth were broadly similar to those presented in the May Statement.

Having fallen to more than a 2-week low of 1.3123 against the greenback at 4:15 am ET, the loonie reversed direction and bounced off to 1.3038. If the loonie rises further, 1.28 is likely seen as its next resistance level.

Data from the Labor Department showed that U.S. consumer prices showed a modest increase in the month of July.

The Labor Department said its consumer price index rose by 0.2 percent in July after inching up by 0.1 percent in June. The increase in prices matched economist estimates.

The loonie firmed to 1.4921 against the euro, its strongest since May 30. On the upside, 1.47 is possibly seen as the next resistance level for the loonie.

The loonie bounced off to 85.05 against the yen, from more than a 2-week low of 84.43 touched at 3:45 am ET. The next likely resistance for the loonie is seen around the 86.00 level.

Data from the Cabinet Office showed that Japan's gross domestic product expanded a seasonally adjusted 0.5 percent on quarter in the second quarter of 2018.

That exceeded expectations for an increase of 0.3 percent following the 0.2 percent loss in the three months prior.

Looking ahead, U.S. monthly budget statement for July is scheduled for release at 2:00 pm ET.

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