RTTN:Canadian Dollar Slips After Unemployment Rate Edges Up To 7.3%
(RTTNews) - The Canadian dollar declined against its major counterparts after a government report showed at 7 am ET Friday that the nation's unemployment rate rose to 7.3 percent in August from 7.2 percent in July.
The Canadian dollar is trading at a 2-day low of 78.16 against the Japanese yen with 78.0 seen as the next downside target level.
Against the US dollar, the Canadian dollar is trading at a 3-day low of 0.9950. If the loonie weakens further, it will break 0.996 and reach parity with the greenback.
The Canadian dollar is now worth 1.3739 against the euro, compared to a fresh 5-week high of 1.3673 hit at 5:20 am ET. The next downside target level for the loonie is seen at 1.376.
Looking ahead, Canada's housing starts for August is expected at 8:15 am ET.
The U.S. wholesale inventories data for July is scheduled for release at 10:00 am ET.
