Forex News: Canadian Dollar Falls After Soft Canada Jobs Data

Canadian Dollar Falls After Soft Canada Jobs Data

(RTTNews) - The Canadian dollar declined against its major counterparts in the New York session on Friday, as disappointing jobs data raised expectations that the Bank of Canada will cut interest rates at the meeting next week.

Data from Statistics Canada showed that employment increased by 1,100 jobs in February, after rising by 76,000 jobs in January. Economists had expected employment to climb by 19,700 jobs.

The unemployment rate held steady at 6.6 percent in February. The rate was expected to rise to 6.7 percent.

The loonie fell to a 3-day low of 102.33 against the yen and more than a 4-year low of 1.5619 against the euro.

The loonie declined to 1.4377 against the greenback.

The loonie retreated to 0.9069 against the aussie, from an early 2-day high of 0.9010.

The currency may challenge support around 97.00 against the yen, 1.58 against the euro, 1.45 against the greenback and 0.92 against the aussie.

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