Shutterstock photo
Markets

Forex - USD/CAD trims losses after mixed Canadian jobs data

Shutterstock photo

Shutterstock photo

Investing.com -

Investing.com - The U.S. dollar trimmed losses against its Canadian counterpart on Friday, easing off a three-month trough after the release of mixed Canadian employment data, although the minutes of the Federal Reserve's latest policy meeting continued to weigh on the greenback.

UDS/CAD eased off 1.2901, the pair's lowest since July 29, to hit 1.2982 during early U.S. trade, still down 0.27%.

The pair was likely to find support at 1.2858, the low of July 29 and resistance at 1.3075, Thursday's high.

Statistics Canada reported on Friday that the number of employed people rose by 12,100 in September, beating expectations for an increase of 10,000, after a 12,000 gain the previous month.

However, the report also showed that Canada's unemployment rate ticked up to 7.1% last month from 7.0% in August, disappointing expectations for a fall to 6.9%.

The Fed's September meeting minutes released on Thursday indicated that policymakers were still watching domestic inflation and the impact of slower global growth when considering when to raise interest rates.

The minutes fuelled further speculation that the U.S. central bank won't be raising interest rates this year.

The loonie was lower against the euro, with EUR/CAD rising 0.39% to 1.4735.

Investing.com offers an extensive set of professional tools for the financial markets.

Read more News on Investing.com and download the new Investing.com apps for Android and iOS! http://glocdn.investing.com/news/us_dollar_canadian_dollar_M_1440050187.jpg

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.

Other Topics

ForEx