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Forex News: Canadian Falls After Downbeat Jobs Data

Canadian Falls After Downbeat Jobs Data

08/09/2019 - 09:50:00 (RTTNews)

(RTTNews) - The Canadian dollar declined against its major counterparts in the European session on Friday, after a data showed that the economy shed jobs unexpectedly in July, while the jobless rate rose.

Data from Statistics Canada showed that the employment fell by 24,200 jobs in July, after a decline of 2,200 jobs in the previous month. Economists had expected the employment to rise by 15,000 jobs. The jobless rate rose to 5.7 percent from 5.5 percent in June. Economists had forecast the jobless rate to remain unchanged for the month.

Separate data showed that Canadian building permits fell in June, largely due to a decrease in the value of multi-family and institutional permits.

The building permits dropped to 3.7 percent in June, compared to a revised 12.2 percent fall in the previous month. Economists were looking for a gain of 1 percent.

The loonie showed mixed trading in the previous session. While it rose against the yen and the greenback, it was steady against the euro. Against the aussie, it fell.

The loonie declined to 79.68 against the yen, from a 3-day high of 80.27 hit at 10:30 pm ET. The loonie is seen finding support around the 77.00 level.

Having climbed to a 3-day high of 1.3207 against the greenback at 8:15 am ET, the loonie reversed direction and fell to 1.3274 after the data. The loonie is poised to find support around the 1.34 level.

The loonie slipped to 0.9033 against the aussie, following a 2-day high of 0.8970 seen at 5:15 pm ET. Next likely support for the loonie is seen around the 0.91 level.

The loonie reversed from an early high of 1.4784 against the euro, falling to 1.4869. If the loonie falls further, 1.50 is seen as its next support level.

Data from Destatis showed that Germany's exports dropped marginally in June, while imports increased for the first time in three months.

Exports fell by a seasonally adjusted 0.1 percent month-on-month in June, reversing a 1.3 percent rise in May. The rate came in line with expectations.

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