Investing.com - The U.S. dollar rose against its Canadian
counterpart on Friday, to trade near three-month highs as concerns
over tensions in Iraq and Ukraine supported the safe-haven
greenback, while the release of disappointing employment data from
Canada dented the loonie.
USD/CAD hit 1.0963 during European afternoon trade, the session
high; the pair subsequently consolidated at 1.0959, gaining
The pair was likely to find support at 1.0904, Thursday's low
and resistance at 1.1004, the high of May 2.
Risk sentiment weakened after U.S. President Barack Obama on
Thursday authorized air strikes in Iraq to put an end to an
onslaught by Islamic militants and begun military air-drops of
humanitarian supplies to besieged religious minorities to prevent a
"potential act of genocide".
Market participants also continued to monitor developments
between the U.S. and Russia, as Moscow decided on Thursday to ban
imports of most food from the West in retaliation against sanctions
against it over Ukraine.
Visiting Kiev this week, NATO's secretary general says that
Moscow has massed troops on the country's border with Ukraine in
preparation for a possible ground invasion.
In Canada, official data showed that the number of employed
people rose by 200 last month, disappointing expectations for an
increase of 20,000, after a 9,400 decline in June.
However, the report also showed that Canada's unemployment rate
ticked down to 7.0% in July, from 7.1% the previous month, in line
The loonie was lower against the euro, with EUR/CAD climbing
0.51% to 1.4673.
In the euro zone, official data earlier showed that Germany's
trade surplus narrowed to €16.2 billion in June, from €18.8 billion
in May. Analysts had expected the trade surplus to narrow to €17.5
billion in June.
A separate report showed that French industrial production rose
1.3% in June, exceeding expectations for a 1.0% gain, after a
decline of 1.6% in May, whose figure was revised from a previously
estimated 2.3% drop.
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