The Canadian dollar spiked up against the other major currencies in New York deals on Friday, as the Canadian economy added more jobs-than-forecast in May, the most in 7 months.
Data from Statistics Canada showed that Canada’s employment increased by 59,000 in May, driven by gains in the number of private sector employees. The unemployment rate was unchanged at 6.8 percent for the fourth consecutive month.
Strong U.S. jobs data also buoyed investor sentiment. The U.S. non-farm payroll employment increased more-than-anticipated in the month of May, with an addition of 280,000 jobs, a Labor Department report showed.
This was higher than expectations for an increase of about 225,000 jobs, following an upwardly revised increase of 119,000 jobs.
The loonie was trading mixed in Asian trading. While the loonie advanced against the euro, it fell against the yen and the aussie. Against the greenback, the loonie held steady.
The loonie advanced to 100.81 against the yen, its highest since January 9. Continuation of the loonie’s uptrend may lead it to a resistance around the 102.00 zone.
Reversing from an early low of 1.4122 against the euro, the loonie hit a 2-day high of 1.3834. The next possible resistance for the loonie may be found near the 1.38 mark.
The loonie, having fallen to 0.9653 against the aussie at 7:30 am ET, reversed direction and approached a 3-day high of 0.9519. If the loonie extends rise, 0.94 is possibly seen as its next resistance level.
The loonie back against the greenback, with pair trading at 1.2479, off early 4-day low of 1.2562. At yesterday’s close, the pair was worth 1.2500.
Looking ahead, U.S. consumer credit for April is set for release shortly.
The material has been provided by InstaForex Company – www.instaforex.com