Investing.com - The U.S. dollar dropped to fresh 10-month lows against its Canadian counterpart on Friday, after the release of mixed U.S. employment data and a more positive jobs report from Canada.
USD/CAD hit 1.2887 during U.S. morning trade, the pair’s lowest since September; the pair subsequently consolidated at 1.2893, dropping 0.66%.
The pair was likely to find support at 1.2818 and resistance at 1.3016, Wednesday’s high.
The U.S. Department of Labor said the economy added 222,000 jobs in June, beating expectations for an increase of 179,000. A total of 152,000 jobs were created in May, whose figure was reivsed from a previously estimated gain of 138,000.
However, the unemployment rate ticked up to 4.4% last month from 4.3% in May, compared to expectations for an unchanged reading.
The report also showed that average hourly earnings rose 0.2% in June, disappointing expectations for a 0.3% gain and after a downwardly revised 0.1% uptick the previous month.
The data came a day after payrolls processor ADP reported that U.S. private employers added 158,000 jobs in June, well below economists' expectations.
Also Friday, Statistics Canada reported that the number of employed people increased by 45,300 in June, exceeding expectations for a 10,000 rise and after a 54,500 gain the previous month.
The unemployment rate fell to 6.5% last month from 6.6% in May, confounding expectations for an unchanged reading.
The loonie was also higher against the euro, with EUR/CAD down 0.92% at 1.4687.