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Forex News: Canadian Dollar Extends Gain After Strong Jobs Data

Canadian Dollar Extends Gain After Strong Jobs Data

10/09/2020 - 10:11:00 (RTTNews)

(RTTNews) - The Canadian dollar extended its early rally against its major rivals in the European session on Friday, after a data showed that the nation's job growth accelerated in September and the jobless rate fell, signaling an economic recovery from the pandemic crisis.

Data from Statistics Canada showed that employment rose by 378,200 jobs in September following an increase of 245,800 jobs in August.

Economists had expected employment to grow by 150,000 jobs.

The unemployment rate dropped to 9.0 percent in September from 10.2 percent in August. Economists had expected the employment rate to fall by 9.8 percent.

The loonie hit more than a 3-week high of 1.3133 against the greenback, up from a low of 1.3198 hit at 5:45 pm ET. On the upside, immediate resistance is possibly seen near the 1.29 region.

The loonie rose back to 1.5510 against the euro, heading towards more than a 4-week peak of 1.5506 seen earlier in the session. Should the loonie strengthens further, it is likely to test resistance around the 1.52 level.

The CAD/JPY pair hit more than a 3-week high of 80.60. The loonie is poised to challenge resistance around the 82.5 mark.

Data from the Ministry of Internal Affairs and Communications showed that Japan household spending fell 6.9 percent on year in August - coming in at 276,360 yen.

That was in line with expectations following the 7.6 percent annual decline in July.

In contrast, the loonie dropped against the aussie, with the pair trading at 0.9488. The loonie may locate support around the 0.96 level.

Data from the Australian Bureau of Statistics showed that Australia home loans rose a seasonally adjusted 13.6 percent on month in August - coming in at A$16.28 billion.

That was in line with expectations following the 10.7 percent increase in July.

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