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Forex News: Loonie Extends Gain After Canadian Job Growth Accelerates

Loonie Extends Gain After Canadian Job Growth Accelerates

06/09/2017 - 09:24:00 (RTTNews)

(RTTNews) - The Canadian dollar extended its early advance against its major rivals in the European session on Friday, as the economy created more jobs than expected in May, signaling improved outlook in the region.

Data from Statistics Canada showed that Canadian employment rose by 54,500 jobs in May, following an addition of 3,200 jobs last month. Economists were expecting the employment to grew by 11,000 jobs.

The unemployment rate rose by 0.1 percentage points to 6.6 percent, as a result of more people participating in the labor market. This matches economists' expectations but was up from April's reading of 6.5 percent.

The Baker Hughes North American rig count that tracks weekly changes in the number of active operating oil & gas rigs will be released at 1.00 pm ET. U.S. drillers have been adding rigs 20 weeks in a row.

The loonie rose against its major rivals in the Asian session, with the exception of the aussie.

The loonie firmed to a 2-day high of 1.0141 against the aussie, up by 0.5 percent from Thursday's closing value of 1.0187. Continuation of the loonie's uptrend may see it challenging resistance around the 1.00 region.

The loonie, having fallen to a weekly low of 1.3538 against the greenback at 5:00 pm ET, reversed direction and climbed to a 2-day high of 1.3459. If the loonie rises further, 1.33 is likely seen as its next resistance level.

The loonie advanced to a 9-day high of 1.5042 against the euro, following a decline to 1.5192 at the beginning of today's trading. The loonie is poised to target resistance around the 1.49 area.

Data from Destatis showed that Germany's exports grew more than expected in April.

Exports grew 0.9 percent month-on-month in April, faster than the 0.4 percent increase seen in March and the 0.3 percent rise economists had expected.

The loonie climbed to a 4-day high of 82.04 against the yen, from a low of 81.05 hit at 5:00 pm ET. Further uptrend may take the loonie to a resistance around the 84.00 mark.

Figures from the Ministry of Economy, Trade and Industry showed that Japan's tertiary activity index increased at a faster-than-expected pace in April, after falling in the previous four months.

The tertiary activity index rose 1.2 percent month-over-month in April, reversing a 0.3 percent drop in March. That was above the 0.5 percent climb economists had expected.

Looking ahead, U.S. wholesale inventories data for April is due shortly.

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