Loonie Rose As Canadian Employment Unexpectedly Jumped In November

Loonie Rose As Canadian Employment Unexpectedly Jumped In November

On Friday, for the 24 hours to 23:00 GMT, USD declined 0.31% against the CAD to close at 0.9884.

The Canadian Dollar advanced after the Canadian economy added 59,000 jobs in November, while the unemployment rate fell to 7.2%, the lowest level seen since June.

Meanwhile, in the US, the Thomson Reuters and the University of Michigan reported that consumer sentiment index fell to a reading of 74.5 in December, from the final reading of 82.7 recorded in November.

In the Asian session, at GMT0400, the pair is trading at 0.9878, with the USD trading 0.07% lower from Friday’s close.

The pair is expected to find support at 0.9851, and a fall through could take it to the next support level of 0.9824. The pair is expected to find its first resistance at 0.9919, and a rise through could take it to the next resistance level of 0.996.

The Loonie is likely to receive increased market attention, with housing starts data due to be released later today in Canada.