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Forex News: Canadian Dollar Declines After Weak Jobs Data

Canadian Dollar Declines After Weak Jobs Data

07/05/2024 - 11:09:00 (RTTNews)

(RTTNews) - The Canadian dollar moved down against its major counterparts in the New York session on Friday, following the release of downbeat jobs data for June.

Data from Statistics Canada showed that the employment fell by 1,400 jobs in June, after rising by 26,700 jobs in the previous month. Economists had expected employment to rise by 22,500 jobs.

The unemployment rate increased to 6.4 percent in June from 6.2 percent in May. The rate was expected to rise to 6.3 percent.

The loonie fell to more than a 1-year low of 0.9194 against the aussie, fresh 3-week low of 1.4769 against the euro and a 3-day low of 117.72 against the yen, off its early highs of 0.9145, 1.4712 and 118.54, respectively.

The loonie touched a 2-day low of 1.3652 against the greenback, from an early 1-1/2-month high of 1.3602.

The currency is seen finding support around 0.93 against the aussie, 1.50 against the euro, 110.00 against the yen and 1.38 against the greenback.

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