Canadian Dollar Strengthens Amid Upbeat Jobs Data

RTTNews | 670 days ago
Stocktwits
Canadian Dollar Strengthens Amid Upbeat Jobs Data

(RTTNews) - The Canadian dollar firmed against its major counterparts during the New York session on Friday, following the release of stronger-than-expected jobs data for August.

Data from Statistics Canada showed that the employment increased by 39,900 jobs in August, after falling by 6,400 jobs in the previous month. Economists had expected employment to rise by 15,000 jobs.

The unemployment rate held steady at 5.5 percent in August. The rate was expected to rise to 5.6 percent.

The loonie climbed to a 3-day high of 108.37 against the yen, reversing from an early 1-week low of 107.15.

The loonie advanced to a multi-week high of 1.4566 against the euro and a 3-day high of 1.3607 against the greenback, off its early lows of 1.4661 and 1.3689, respectively.

The loonie rose to 0.8705 against the aussie, off an early 3-day low of 0.8757.

The currency may challenge resistance around 110.00 against the yen, 1.44 against the euro, 1.33 against the greenback and 0.84 against the aussie.

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