Investing.com - The U.S. dollar was hovering at two-month lows against its Canadian counterpart on Friday, after the release of rather mixed U.S. employment data and a strong jobs report from Canada.
USD/CAD hit 1.3256 during early U.S. trade, the pair’s lowest since November 9; the pair subsequently consolidated at 1.3278, down 0.28%.
The pair was likely to find support at 1.3259, the low of November 9 and resistance at 1.3442, Thursday’s high.
The U.S. Labor Department said the economy added 178,000 jobs in November, beating expectations for an increase of 175,000.
However, the number of jobs created in October was revised down to 142,000 from a previously estimated 161,000 gain.
The unemployment rate fell to 4.6% in November from 4.9% the previous month, confouding expectations for an unchanged reading.
Meanwhile, average hourly earnings slipped 0.1% this month, compared to expectations for a 0.2% rise and after an increase of 0.4% in October.
The greenback had rallied on Wednesday after the Organization of the Petroleum Exporting Countries reached an agreement on an oil output cut aimed at tackling global oversupply and shoring up prices.
Expectations for higher oil prices added to U.S. inflation expectations, which have already been boosted by prospects for increased fiscal spending under the Trump administration.
However, traders also remained cautious amid concerns over the implementation of the deal under which OPEC members were joined by non-OPEC Russia for the first time in 15 years in announcing coordinated production cuts by a combined 1.5 million barrels per day.
In Canada, official data showed that the number of employed people increased by 10,700 in November, beating expectations for a decline of 20,000 and after a 43,900 jump the previous month.
Canada’s unemployment rate slipped to 6.8% this month from 7.0% in October, compared to expectations for an unchanged reading.
The loonie was also higher against the euro, with EUR/CAD shedding 0.28% to 1.4142.