Forexpros - The U.S. dollar dropped to a 12-day low against its Canadian counterpart on Friday, after the release of globally positive employment data from Canada and the U.S., while concerns over financial difficulties in Greece and Spain continued to weigh on investor confidence.
USD/CAD hit 0.9736 during U.S. morning trade, the pair's lowest since September 21; the pair subsequently consolidated at 0.9746, dropping 0.58%.
The pair was likely to find support at 0.9694, the low of Septemer 17 and resistance at 0.9812, the session high.
Official data showed that the U.S. unemployment rate fell unexpectedly to 7.8% in September, the lowest level in four years, from 8.1% the previous month.
Analysts had expected the unemployment rate to tick up to 8.2% in September.
The report also showed that U.S. private nonfarm payrolls rose by 114,000 in September, beating expectations for a 113,000 increase, following a 142,000 rise the previous month.
In Canada, official data showed that the economy added 52,100 jobs in September, more than the expected 10,000 increase and following a 34,300 rise the previous month.
Canada's unemployment rate ticked up to 7.4% last month from 7.3% in August. Analysts had expected the unemployment rate to decline to 7.0% in September.
But investors remained cautious after a European Union official said that a possible bailout for Spain is not imminent, as concerns grow over the country’s ability to reach its deficit-reduction targets.
On Thursday, Spanish Economy Minister Luis de Guindos said that no bailout was needed, a few hours after European Central Bank President Mario Draghi reiterated that the bank was ready to start purchasing the debt of troubled euro zone states.
Elsewhere, the loonie was also steady against the euro with EUR/CAD dipping 0.03%, to hit 1.2761.
Greek officials were expected to meet on Saturday with members of the Troika, led by the European Commission, the European Central Bank and the International Monetary Fun, with hopes of securing a deal on reforms that would allow fresh aid to the country
USD/CAD hit 0.9736 during U.S. morning trade, the pair's lowest since September 21; the pair subsequently consolidated at 0.9746, dropping 0.58%.
The pair was likely to find support at 0.9694, the low of Septemer 17 and resistance at 0.9812, the session high.
Official data showed that the U.S. unemployment rate fell unexpectedly to 7.8% in September, the lowest level in four years, from 8.1% the previous month.
Analysts had expected the unemployment rate to tick up to 8.2% in September.
The report also showed that U.S. private nonfarm payrolls rose by 114,000 in September, beating expectations for a 113,000 increase, following a 142,000 rise the previous month.
In Canada, official data showed that the economy added 52,100 jobs in September, more than the expected 10,000 increase and following a 34,300 rise the previous month.
Canada's unemployment rate ticked up to 7.4% last month from 7.3% in August. Analysts had expected the unemployment rate to decline to 7.0% in September.
But investors remained cautious after a European Union official said that a possible bailout for Spain is not imminent, as concerns grow over the country’s ability to reach its deficit-reduction targets.
On Thursday, Spanish Economy Minister Luis de Guindos said that no bailout was needed, a few hours after European Central Bank President Mario Draghi reiterated that the bank was ready to start purchasing the debt of troubled euro zone states.
Elsewhere, the loonie was also steady against the euro with EUR/CAD dipping 0.03%, to hit 1.2761.
Greek officials were expected to meet on Saturday with members of the Troika, led by the European Commission, the European Central Bank and the International Monetary Fun, with hopes of securing a deal on reforms that would allow fresh aid to the country
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