Investing.com - The U.S. dollar fell to almost three-week lows against the Canadian dollar on Monday after Friday’s disappointing U.S. jobs report, while stronger-than-expected Canadian housing sector data also weighed.
USD/CAD hit 1.0364 during early U.S. trade, the lowest since August 20; the pair subsequently consolidated at 1.0376, shedding 0.34%.
The pair was likely to find support at 1.0334, the low of August 20 and resistance at 1.0417, the session high.
Data on Friday showed that the U.S. economy added 169,000 jobs in August, fewer than the 180,000 forecast by economists and jobs growth for the two previous months was also revised lower.
The report raised some doubts over whether the Federal Reserve will start to unwind its USD85 billion-a-month asset purchase program at its upcoming policy meeting on September 17-18.
The data contrasted with Canadian data showing that the economy created 59,200 jobs in August, easily outstripping forecasts for jobs growth of 20,000. The rate of unemployment ticked down to 7.1% from 7.2% in July.
The Canadian dollar hit session highs after Statistics Canada said Monday the number of new building permits issued jumped 20.7% in July, easily outstripping expectations for a 1% increase.
The loonie, as the Canadian dollar is also known, was slightly higher against the euro, with EUR/CAD dipping 0.08% to 1.3712.
In the euro zone, data on Monday showed that the Sentix index of investor confidence rose to a six month high of 6.5 in September, up from minus 4.9 last month. Analysts had forecast a reading of minus 2.8.
USD/CAD hit 1.0364 during early U.S. trade, the lowest since August 20; the pair subsequently consolidated at 1.0376, shedding 0.34%.
The pair was likely to find support at 1.0334, the low of August 20 and resistance at 1.0417, the session high.
Data on Friday showed that the U.S. economy added 169,000 jobs in August, fewer than the 180,000 forecast by economists and jobs growth for the two previous months was also revised lower.
The report raised some doubts over whether the Federal Reserve will start to unwind its USD85 billion-a-month asset purchase program at its upcoming policy meeting on September 17-18.
The data contrasted with Canadian data showing that the economy created 59,200 jobs in August, easily outstripping forecasts for jobs growth of 20,000. The rate of unemployment ticked down to 7.1% from 7.2% in July.
The Canadian dollar hit session highs after Statistics Canada said Monday the number of new building permits issued jumped 20.7% in July, easily outstripping expectations for a 1% increase.
The loonie, as the Canadian dollar is also known, was slightly higher against the euro, with EUR/CAD dipping 0.08% to 1.3712.
In the euro zone, data on Monday showed that the Sentix index of investor confidence rose to a six month high of 6.5 in September, up from minus 4.9 last month. Analysts had forecast a reading of minus 2.8.