News Column

Canadian Dollar Slides As Canada's Jobless Rate Rises

June 6, 2014

CANBERA (Alliance News) - The Canadian dollar declined against the other major currencies in early New York deals on Friday, as data showed that the nation's jobless rate increased in May.

The latest data from Statistics Canada showed that Canada's unemployment rate rose to 7% in May, from 6.9% a month earlier. The rate was forecast to remain unchanged.

Canadian economy created 25,800 new jobs in May, compared to a loss of 29,000 jobs in April. The figure comes roughly in line with forecasts for an addition of 25,000 jobs.

The loonie slipped to 1.0946 against the greenback, following a 3-day high of 1.0901 hit in early deals. The next possible support for the loonie lies around the 1.10 zone.

Reversing from an early high of 1.0177 against the aussie, the loonie hit a new 3-week low of 1.0230. If the loonie continues slide, it may find support at the 1.03 level.

The loonie declined to more than a 2-week low of 1.4953 against the euro, after rising to 1.4866 in prior deals. On the downside, 1.50 is seen as next support level for the loonie.

Having advanced to 93.85 against the yen at 8:25 am ET, the loonie dropped to 93.42. The loonie may possibly find support at the 92.00 mark.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Alliance News

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters