Investing.com - The U.S. dollar edged higher against its Canadian counterpart on Monday, as Friday's U.S. employment data continued to boost demand for the greenback and as trading volumes were expected to remain thin with no major U.S. data to be released throughout the day.
USD/CAD hit 1.2145 during early U.S. trade, the session high; the pair subsequently consolidated at 1.2082, adding 0.09%.
The pair was likely to find support at 1.1937, the low of May 6 and resistance at 1.2182, the high of May 4.
The greenback remained supported after the Labor Department reported on Friday that the U.S. economy added 223,000 jobs in April, just shy of economists forecast for 224,000. The unemployment rate ticked down from 5.5% to 5.4%, the lowest since May 2008.
However, March’s payrolls report was revised to show that only 85,000 jobs were created, the fewest since June 2012.
The Canadian dollar showed little reaction to official data on Friday showing that the number of employed people in Canada declined by 19,700 in April, compared to expectations for a 5,000 fall, after an increase of 28,700 the previous month.
The report also showed that Canada's unemployment rate held steady at 6.8% last month, confounding expectations for an uptick to 6.9%.
The loonie was higher against the euro, with EUR/CAD sliding 0.44% to 1.3462.
Sentiment on the single currency remained vulnerable as Greece and the euro zone were holding a fresh round of talks on Monday as Athens scrambles to reach an agreement on a package of economic reforms in order to access fresh bailout funds.
Ahead of the talks Greece’s government indicated that it was still hopeful that progress would be made but euro zone officials have indicated that too many issues still remain unresolved.