RTTN: Canadian Dollar Rises To 10-day High Against Yen
(RTTNews) - The Canadian dollar surged higher against its major rivals following the Statistics Canada report revealed that the pace of nation's jobless rate eased as economy added more jobs than forecast.
Statistics Canada said the country's unemployment rate fell to 8.5 percent in November as the economy added 79,000 jobs after shedding 43,200 in the previous month. Employment dropped 1.9 percent or 321,000 jobs since October 2008, the report added.
The Canadian dollar climbed 1.2 percent to an 11-day high of 84.5 against the yen around 7:25 am ET from yesterday's close of 83.51. The next upside target for the loonie-yen pair is seen around the 84.8 level.
The loonie also advanced to a 2-day high of 1.5781 against the euro and 0.9707 against the Australian dollar at this time, compared to Thursday's closing values of 1.5922 and 0.9774, respectively. On the upside, the Canadian currency may find target levels of 0.967 against the aussie and 1.576 against the euro.
