Canadian Dollar Falls As Jobless Rate Rises

The Canadian dollar turned negative on Friday, after data showed that Canada's jobless rate rose unexpectedly in September, as the number of people looking for jobs increased.

Data from Statistics Canada showed that the jobless rate rose 7.1 percent in September from 7 percent last month. Economists has been expecting the jobless rate to fall to 6.9 percent.

The economy created 12,100 jobs in September, almost unchanged from last month's increase of 12,000 jobs. The figure beat forecasts for a gain of 10,000 jobs.

Meanwhile, oil prices rose amid a weaker dollar and on expectations for dwindling global supplies.

Crude for November delivery rose $0.41 to $49.84 a barrel.

The loonie was trading mixed in the European session. While the loonie advanced against the yen and the greenback, it weakened against the euro and the aussie.

In early New York deals, the loonie declined to 1.4749 against the euro, reversing from its early 2-day high of 1.4618. If the loonie extends fall, it may challenge support around the 1.49 mark.

The loonie, having advanced to a 2-1/2-month high of 1.2901 against the greenback at 6:35 am ET, reversed direction with the pair trading at 1.2980. The loonie is seen finding support around the 1.305 level.

The loonie weakened to 0.9509 against the aussie, its lowest since September 21. The next possible support for the loonie may be found around the 0.96 region.

The loonie eased back to 92.62 against the yen, after climbing to a 1-1/2-month high of 93.26 at 6:35 am ET. Further weakness may take the loonie to a support around the 91.00 mark.

Looking ahead, U.S. wholesale inventories for August are slated for release shortly.

Euro vs CAD (FX:EURCAD)
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