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Forex News: Loonie Spikes Up After Strong Canada Jobs Data

Loonie Spikes Up After Strong Canada Jobs Data

04/06/2018 - 10:29:00 (RTTNews)

(RTTNews) - The Canadian dollar drifted higher against its key counterparts in the European session on Friday, after a data showed that the economy created more jobs than forecast in March.

Data from Statistics Canada showed that the employment rose by 32,300 jobs in March after adding 15,400 jobs in February.

Economists had forecast an increase of 20,000 jobs.

The unemployment rate was unchanged at 5.8 percent, matching forecasts.

Meanwhile, oil prices dropped ahead of weekly rig count data due later in the day.

Crude for May delivery fell $0.04 to $63.50 per barrel.

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. In the prior week, the North American Rig Count was 1127, while U.S. rig count was 993.

The currency fell against its major counterparts in the Asian session, amid rising risk averion on renewed trade war concerns, as President Donald Trump threatened China with $100 billion of additional tariffs.

The loonie spiked up to 1.2733 against the greenback, its strongest since February 27. The loonie is seen finding resistance around the 1.26 region.

The loonie climbed to more than a 5-week high of 1.5588 against the euro, from an early low of 1.5656. The next possible resistance for the loonie is seen around the 1.52 level.

Survey data from IHS Markit showed that Germany's construction sector contracted for the first time in more than three years in March due to colder-than-usual weather.

The construction Purchasing Managers' Index fell to 47.0 in March from 52.7 in February. This was the first time since January 2015 that the score fell below the 50.0 no-change level.

The loonie bounced off to 0.9789 against the aussie, heading to pierce its early near a 2-month high of 0.9783. On the upside, 0.96 is seen as the next resistance level for the loonie.

The loonie recovered to 84.24 against the yen, from an early low of 83.76. The loonie is likely to find resistance around the 86.00 region.

Preliminary figures from the Cabinet Office showed that Japan's leading index improved unexpectedly in February, though slightly.

The leading index, which measures the future economic activity, rose to 105.6 in February from 105.6 in January. Meanwhile, economists had expected the index to fall to 105.5.

Looking ahead, U.S. consumer credit for February is set for release shortly.

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