Canadian Dollar Firms After Upbeat Jobs Data
(RTTNews) - The Canadian dollar was higher against its most major counterparts in the in the New York session on Thursday, as stronger than expected jobs data in March pointed to a solid labor market.
Data from Statistics Canada showed that the employment increased by 34,700 jobs in March, after rising by 21,800 jobs in the previous month. Economists had expected employment to climb by 12,000 jobs.
The unemployment rate held steady at 5 percent in March. The rate was expected to rise to 5.1 percent.
Economists expect that the Bank of Canada will keep its key interest rate unchanged this year.
Traders also look ahead to the release of the closely watched US monthly jobs report for further clues on rate outlook.
The loonie touched 0.8975 against the aussie, its highest level since November 28, 2022. If the loonie rises further, 0.88 is possibly seen as its next resistance level.
The loonie recovered to 1.3466 against the greenback, from an early 3-day low of 1.3505. The currency is seen facing resistance around the 1.32 level.
The loonie was up against the yen, at 97.86. On the upside, 100.00 is possibly seen as its next resistance level.
In contrast, the loonie resumed decline against the euro and was trading at 1.4711. The currency may find support around the 1.49 level.
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