Investing.com - The U.S. dollar rallied to over four-year highs against its Canadian counterpart on Friday, as dismal Canadian employment data sent the loonie broadly lower, although U.S. nonfarm payrolls data also disappointed.
USD/CAD hit 1.0945 during early U.S. trade, the pair's highest since October 2009; the pair subsequently consolidated at 1.0928, advancing 0.80%.
The pair was likely to find support at 1.0837, the session low and resistance at 1.0958.
The loonie came under broad selling pressure after official data showed that the number of employed people in Canada dropped by 45,900 in December, confounding expectations for a 15,000 rise, after an upwardly revised 34,800 increase the previous month.
Canada's unemployment rate rose to 7.2% last month, from 6.9% in November, compared to expectations for an uptick to 7.0%.
In the U.S., data showed that the economy added 74,000 jobs in December, compared to expectations for a 196,000 increase, after an upwardly revised 241,000 rise the previous month.
The U.S. private sector added 87,000 jobs last month, disappointing expectations for 195,000 rise, after an upwardly increase of 226,000 in November.
The report also showed that the U.S. unemployment rate fell to 6.7% in December, from 7.0% in November. Analysts had expected the rate to remain unchanged last month.
The loonie was also sharply lower against the euro, with EUR/CAD jumping 0.98% to 1.4895.
In the euro zone, official data earlier showed that industrial production in France climbed 1.3% in November, exceeding expectations for a 0.4% rise, after a downwardly revised 0.5% decline the previous month.
USD/CAD hit 1.0945 during early U.S. trade, the pair's highest since October 2009; the pair subsequently consolidated at 1.0928, advancing 0.80%.
The pair was likely to find support at 1.0837, the session low and resistance at 1.0958.
The loonie came under broad selling pressure after official data showed that the number of employed people in Canada dropped by 45,900 in December, confounding expectations for a 15,000 rise, after an upwardly revised 34,800 increase the previous month.
Canada's unemployment rate rose to 7.2% last month, from 6.9% in November, compared to expectations for an uptick to 7.0%.
In the U.S., data showed that the economy added 74,000 jobs in December, compared to expectations for a 196,000 increase, after an upwardly revised 241,000 rise the previous month.
The U.S. private sector added 87,000 jobs last month, disappointing expectations for 195,000 rise, after an upwardly increase of 226,000 in November.
The report also showed that the U.S. unemployment rate fell to 6.7% in December, from 7.0% in November. Analysts had expected the rate to remain unchanged last month.
The loonie was also sharply lower against the euro, with EUR/CAD jumping 0.98% to 1.4895.
In the euro zone, official data earlier showed that industrial production in France climbed 1.3% in November, exceeding expectations for a 0.4% rise, after a downwardly revised 0.5% decline the previous month.