Investing.com - The Canadian dollar rose against its U.S. counterpart on Friday, after U.S. jobs data disappointed while Canadian employment figures met expectations
In U.S. trading on Friday, USD/CAD hit 0.9781, down 0.47%, up from a low of 0.9766 and off a high of 0.9832.
The pair sought to test support at 0.9766, the earlier low, and resistance at 0.9832, the earlier high.
The Bureau of Labor Statistics reported earlier that the U.S. economy created a net 96,000 nonfarm payroll jobs in August, well below market calls for 125,000 jobs.
The jobs report quickly fueled already growing sentiment that the Federal Reserve will roll out a third round of quantitative easing, possibly at its Sept. 12-13 monetary policy meeting.
Under quantitative easing, the Fed buys assets such as Treasury holdings or mortgage-backed securities held by banks, pumping the economy full of fresh liquidity in a way that pushes down interest rates to encourage investing and hiring.
Such accommodative policies tend to weaken the dollar by design.
The Bureau of Labor Statistics added that July's figures were revised down to 141,000 from 163,000, while June's figures were revised down to 45,000 from 64,000, further stoking market calls for Fed intervention.
The unemployment rate stood at 8.1% in August, down from 8.3% in July as more jobless workers exited the labor force.
Meanwhile in Canada, joblessness data came in solid, with the economy there adding 34,000 jobs in August that kept the unemployment rate unchanged at 7.3%, in line with expectations.
The combined data sent investors snapping up loonie positions in Friday afternoon trading.
The Canadian dollar, meanwhile, was down against the euro and down against the yen, with EUR/CAD up 0.81% and trading at 1.2514 and CAD/JPY down 0.36% at 79.96.
In U.S. trading on Friday, USD/CAD hit 0.9781, down 0.47%, up from a low of 0.9766 and off a high of 0.9832.
The pair sought to test support at 0.9766, the earlier low, and resistance at 0.9832, the earlier high.
The Bureau of Labor Statistics reported earlier that the U.S. economy created a net 96,000 nonfarm payroll jobs in August, well below market calls for 125,000 jobs.
The jobs report quickly fueled already growing sentiment that the Federal Reserve will roll out a third round of quantitative easing, possibly at its Sept. 12-13 monetary policy meeting.
Under quantitative easing, the Fed buys assets such as Treasury holdings or mortgage-backed securities held by banks, pumping the economy full of fresh liquidity in a way that pushes down interest rates to encourage investing and hiring.
Such accommodative policies tend to weaken the dollar by design.
The Bureau of Labor Statistics added that July's figures were revised down to 141,000 from 163,000, while June's figures were revised down to 45,000 from 64,000, further stoking market calls for Fed intervention.
The unemployment rate stood at 8.1% in August, down from 8.3% in July as more jobless workers exited the labor force.
Meanwhile in Canada, joblessness data came in solid, with the economy there adding 34,000 jobs in August that kept the unemployment rate unchanged at 7.3%, in line with expectations.
The combined data sent investors snapping up loonie positions in Friday afternoon trading.
The Canadian dollar, meanwhile, was down against the euro and down against the yen, with EUR/CAD up 0.81% and trading at 1.2514 and CAD/JPY down 0.36% at 79.96.