The U.S. dollar rose against its Canadian counterpart on Friday, to trade near three-month highs as the release of disappointing employment data from Canada dented the loonie. Official data showed that the number of employed people rose by 200 last month, disappointing expectations for an increase of 20,000, after a 9,400 decline in June. However, the report also showed that Canada’s unemployment rate ticked down to 7.0% in July, from 7.1% the previous month, in line with expectations.
Weekly bias remains on the upside as 21 and 55 EMA’s crosses northward on the daily charts, with oscillators MACD, SSRC and RSI also showing bullish momentum. More rise is expected to 1.10514 in the medium term and a clear break of this resistance would bring further rise to 1.12767 in the long term picture.