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Forex - USD/CAD falls to 2-week lows after U.S. data

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Investing.com -

Investing.com - The U.S. dollar fell to two-week lows against its Canadian counterpart on Friday, as the release of a weak U.S. employment report sparked fresh concerns over the strength of the economy.

USD/CAD hit 1.3186 during early U.S. trade, the pair's lowest since September 21; the pair subsequently consolidated at 1.3243, down 0.20%.

The pair was likely to find support at 1.3069, the low of September 17 and resistance at 1.3334, Thursday's high.

The U.S. Labor Department reported that the economy added 142.000 jobs in September, confounding expectations for an increase of 203.000. The U.S. created 136.000 jobs in August, whose figure was revised from a previously estimated gain of 173.000.

The U.S. unemployment rate remained unchanged at 5.1% last month, in line with expectations.

The report also showed that average hourly earnings were flat in September, compared to expectations for a 0.2% rise and after an upwardly revised 0.4% increase the previous month.

The weak data fuelled uncertainty over whether or not the Federal Reserve will raise interest rates before the end of the year.

The loonie was lower against the euro, with EUR/CAD gaining 0.79% to 1.4968.

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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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