FOREX TradingCharts.com

Forex News: Loonie Strengthens After Upbeat Canada Jobs Data

Loonie Strengthens After Upbeat Canada Jobs Data

11/03/2017 - 10:34:00 (RTTNews)

(RTTNews) - The Canadian dollar rose sharply against its key counterparts in early New York deals on Friday, after a data showed that the nation's employment grew much higher than expectations in October.

Data from Statistics Canada showed that the employment increased by 35,000 jobs in October, following a gain of 10,000 jobs last month.

Economists had expected the employment to rise by 15,000 jobs.

Meanwhile, the unemployment rate rose 0.1 percentage points to 6.3 percent from 6.2 percent last month. The unemployment rate had been expected to remain unchanged from the last month.

Separate data from the same agency showed that Canada's merchandise trade deficit for September was unchanged from the previous month.

The deficit totaled C$3.18 billion, slightly higher than forecasts for C$3 billion shortfall.

Exports were down 0.3 percent on lower passenger car and light truck exports, while imports decreased 0.3 percent on lower prices.

Oil prices are higher, underpinned by hopes that oil producing nations are likely to extend their production cut agreement that expires in March 2018.

Crude for December delivery rose $0.20 to $54.74 per barrel.

The currency has been trading higher in the European session.

The loonie firmed to 1.2715 against the greenback, its strongest since October 25. On the upside, 1.26 is possibly seen as the next resistance for the loonie.

Official data showed that the U.S. economy added 261,000 jobs in October as employment rebounded from a lull in the prior month due to hurricanes Harvey and Irma.

Employment was expected to jump by 312,000 jobs in October after unexpectedly generating only 18,000 jobs in September. The September number was upwardly revised from the loss of 33,000 jobs initially reported.

The loonie that finished Thursday's deals at 1.4932 against the euro advanced to an 11-day high of 1.4825. Further uptrend may take the loonie to a resistance around the 1.47 mark.

The loonie climbed to a 9-day high of 89.62 against the yen, from a low of 88.75 hit at 8:30 am ET. Continuation of the loonie's uptrend may see it challenging resistance around the 91.00 level.

Having fallen to 0.9885 against the aussie at 6:00 pm ET, the loonie reversed direction and approached a 9-day high of 0.9764. The next possible resistance for the loonie is seen around the 0.96 region.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2017 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Drops Against Euro On Strong German Data (59 min(s), 03 sec(s) ago)
(RTTNews) - The dollar is turning in a mixed performance against its major rivals Friday afternoon ...Full Story»

Canadian Dollar Climbs On Higher Oil Prices (41 min(s), 03 sec(s) ago)
(RTTNews) - The Canadian dollar advanced against its key counterparts in the European session on F ...Full Story»

Canadian Dollar Climbs Against Majors (47 min(s), 03 sec(s) ago)
(RTTNews) - The Canadian dollar advanced against its key counterparts in the European session on F ...Full Story»

Euro Advances As German Business Confidence Improves (14 min(s), 03 sec(s) ago)
(RTTNews) - The euro advanced against its major counterparts in early European deals on Friday, as ...Full Story»

Euro Little Changed Following German Ifo Business Confidence Data (35 min(s), 03 sec(s) ago)
(RTTNews) - At 4.00 am ET Friday, Germany's Ifo business sentiment survey data has been releas ...Full Story»

Euro Mixed Ahead Of German Ifo Business Confidence Data (26 min(s), 03 sec(s) ago)
(RTTNews) - At 4.00 am ET Friday, Germany's Ifo business sentiment survey data is due. The con ...Full Story»

Franc Little Changed After Swiss Industrial Production (50 min(s), 03 sec(s) ago)
(RTTNews) - Following the release of Swiss industrial output data for the third quarter at 3.15 am ...Full Story»

Franc Mixed Ahead Of Swiss Industrial Production (41 min(s), 04 sec(s) ago)
(RTTNews) - At 3.15 am ET Friday, the Federal Statistical Office is set to publish Swiss industria ...Full Story»

Search

FOREX NEWS

Dollar Drops Against Euro On Strong German Data

11/24/2017 - 12:29 PM (RTTNews)
(RTTNews) - The dollar is turning in a mixed performance against its major rivals Friday afternoon ...Full Story>>

Canadian Dollar Climbs On Higher Oil Prices

11/24/2017 - 09:09 AM (RTTNews)
(RTTNews) - The Canadian dollar advanced against its key counterparts in the European session on F ...Full Story>>

Canadian Dollar Climbs Against Majors

11/24/2017 - 08:15 AM (RTTNews)
(RTTNews) - The Canadian dollar advanced against its key counterparts in the European session on F ...Full Story>>

Euro Advances As German Business Confidence Improves

11/24/2017 - 05:42 AM (RTTNews)
(RTTNews) - The euro advanced against its major counterparts in early European deals on Friday, as ...Full Story>>

Euro Little Changed Following German Ifo Business Confidence Data

11/24/2017 - 04:03 AM (RTTNews)
(RTTNews) - At 4.00 am ET Friday, Germany's Ifo business sentiment survey data has been releas ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.