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Forex - USD/CAD Trims Gains Despite Downbeat Canadian Jobs Data

ForexFeb 09, 2018 09:30AM ET
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© Reuters. Greenback pulls away from 6-week peak vs. loonie

Investing.com - The U.S. dollar trimmed gains against its Canadian counterpart on Friday, pulling away from a fresh six-week high despite the release of disappointing Canadian data as sentiment on the greenback was still broadly vulnerable.

USD/CAD was little changed at 1.2596 by 09:30 a.m. ET (13:30 GMT), off a six-week peak of 1.2681 hit earlier in the day.

Statistics Canada reported on Friday that the number of employed people declined by 88,000 in January, confounding expectations for a 2,000 fall.

The unemployment rate ticked up to 5.9% last month from 5.7% the previous month, compared to expectations for a rise to only 5.8%.

The greenback found some relief earlier, after the U.S. Congress managed to pass a two-year budget agreement, ending a brief government shutdown.

The agreement will boost federal spending by almost $300 billion and suspend the debt ceiling for a year.

Government activities were temporarily shut down when a midnight deadline to pass the U.S. budget deal was missed on Thursday due to a prolonged speech by Senator Rand Paul, who said the bill would “loot the Treasury.”

The loonie was also steady against the euro, with EUR/CAD at 1.5444.

Forex - USD/CAD Trims Gains Despite Downbeat Canadian Jobs Data
 

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Denzel Heden
Denzel Heden Feb 09, 2018 11:01AM ET
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The dollar rose but it fall sharply like rocket, even though the data was revised at downside. .....
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