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Forex - USD/CAD almost unchanged after U.S., Canada jobs data

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Investing.com -

Investing.com - The U.S. dollar was almost unchanged against its Canadian counterpart on Friday, after the release of a relatively positive U.S. employment report, although data showing that Canada's economy added more jobs than expected last month lent some support to the loonie.

USD/CAD hit 1.0923 during European afternoon trade, the session high; the pair subsequently consolidated at 1.0931, inching up 0.07%.

The pair was likely to find support at 1.0885, the low of May 22 and resistance at 1.0989, the high of May 5.

The U.S. Labor Department said the economy added 217,000 in May, missing expectations for a 218,000 increase, after a 282,000 rise in April, whose figure was revised down from a previously estimated 288,000 gain.

The private sector added 216,000 jobs last month, exceeding expectations for a 210,000 gain, after a downwardly revised 270,000 increase in April.

The report also showed that the U.S. unemployment rate remained unchanged at 6.3% last month, compared to expectations for a rise to 6.4%.

Meanwhile, Statistics Canada said the economy added 25,800 in May, just above expectations for a 25,000 rise, after a 28,900 decline the previous month.

Canada's unemployment rate rose to 7.0% last month, from 6.9% in April. Analysts had expected the rate to remain unchanged in May.

The loonie was lower against the euro, with EUR/CAD adding 0.10% to 1.4942.

In the euro zone, official data earlier showed that Germany's trade surplus widened to €17.7 billion in April, from €15.0 billion in March, whose figure was revised up from a previously estimated surplus of €14.8 billion. Analysts had expected the trade surplus to widen to €15.2 billion in April.

Sentiment on the euro remained vulnerable after he European Central Bank on Thursday lowered its benchmark interest rate to a record-low 0.15% from 0.25% and said it will be conducting a series of Targeted Longer Term Refinancing Operations (TLTROs) to support bank lending in the euro zone.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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