Investing.com - The Canadian dollar rose against its U.S. counterpart on Friday on surprisingly strong employment data.
In U.S. trading on Friday, USD/CAD hit 1.0003, down 0.18%, up from a low of 0.9954 and off a high of 1.0054.
The pair sought to test support at 0.9804, the low of April 30, and resistance at 1.0034, the high of May 10.
The Canadian government on Friday reported the country added 58,200 jobs in April following an increase in March of 82,300, the latter being the biggest in almost four years.
The April figure was several times higher than calls for a gain of around 7,000 jobs, and fueled talk of a rate hike down the road.
The Canadian jobs report was so strong that traders shrugged off bullish news for the U.S. greenback.
The Thomson Reuters/University of Michigan's preliminary May consumer sentiment index reading jumped to a 4-year high of 77.8 from 76.4 in April, outpacing expectations for 76.2.
The dollar also posted gains on news that U.S. financial titan JPMorgan Chase reported a USD2 billion trading loss, which fueled some demand for the greenback among investors seeking safe harbor.
The Canadian dollar, meanwhile, was up against the euro and up against the yen, with EUR/CAD up 0.30% and trading at 1.2926 and CAD/JPY up 0.09% at 79.84.
Next week, the pair will trade on U.S. inflation and retail sales data.
In U.S. trading on Friday, USD/CAD hit 1.0003, down 0.18%, up from a low of 0.9954 and off a high of 1.0054.
The pair sought to test support at 0.9804, the low of April 30, and resistance at 1.0034, the high of May 10.
The Canadian government on Friday reported the country added 58,200 jobs in April following an increase in March of 82,300, the latter being the biggest in almost four years.
The April figure was several times higher than calls for a gain of around 7,000 jobs, and fueled talk of a rate hike down the road.
The Canadian jobs report was so strong that traders shrugged off bullish news for the U.S. greenback.
The Thomson Reuters/University of Michigan's preliminary May consumer sentiment index reading jumped to a 4-year high of 77.8 from 76.4 in April, outpacing expectations for 76.2.
The dollar also posted gains on news that U.S. financial titan JPMorgan Chase reported a USD2 billion trading loss, which fueled some demand for the greenback among investors seeking safe harbor.
The Canadian dollar, meanwhile, was up against the euro and up against the yen, with EUR/CAD up 0.30% and trading at 1.2926 and CAD/JPY up 0.09% at 79.84.
Next week, the pair will trade on U.S. inflation and retail sales data.