The Canadian dollar continued to be higher against its major rivals in the European session on Friday, after the economy unexpectedly created jobs in February, while the jobless rate declined.

Data from Statistics Canada showed that the employment increased by 15,300 jobs in February after jumping by 48,300 jobs in January. The figure came as a surprise to economists, who had forecast the jobs to fall by 5,000.

The jobless rate declined to 6.6 percent from 6.8 percent in January. Economists were looking for the jobless rate to remain unchanged for the month.

Oil prices inched up, after suffering steep losses overnight, with investors awaiting the weekly rig count data in the U.S.

Crude for April delivery rose $0.37 to $49.65 per barrel.

The loonie was trading mixed in the Asian session. While the loonie held steady against the greenback and the euro, it rose against the yen. Against the aussie, the loonie declined.

The loonie firmed to 85.90 against the Japanese yen, its strongest since February 24. On the upside, 87.00 is possibly seen as the next resistance level for the loonie-yen pair.

Data the Ministry of Finance showed that Japan's large manufacturing conditions deteriorated in the first quarter of 2017, with a score of 1.1.

That was down sharply from 7.5 in the previous three months, and well shy of expectations for 8.4.

Continuing early rally, the loonie spiked up to a 2-day high of 1.3421 against the greenback. Continuation of the loonie's uptrend may see it challenging resistance around the 1.33 region.

Data from the Labor Department showed a stronger than expected job growth in the month of February.

The Labor Department said non-farm payroll employment jumped by 235,000 jobs in February after surging up by a revised 238,000 jobs in January.

The loonie reversed from an early session's high of 1.4335 against the euro and climbed to 1.4273. The next possible resistance for the loonie is seen around the 1.39 level.

Data from Destatis showed that Germany's wholesale prices increased the most in more than five years in February.

Wholesale prices advanced 5 percent in February from prior year, following a 4 percent increase in January.

The loonie rose back to 1.0131 against the aussie, off its early low of 1.0168. The loonie is seen finding resistance around the 1.00 area.

Looking ahead, U.S. Baker Hughes rig count data is set to be announced in the New York session.

At 2:00 pm ET, U.S. Federal Reserve monthly budget balance statement is due.

CAD vs Yen (FX:CADJPY)
Forex Chart
From Feb 2024 to Mar 2024 Click Here for more CAD vs Yen Charts.
CAD vs Yen (FX:CADJPY)
Forex Chart
From Mar 2023 to Mar 2024 Click Here for more CAD vs Yen Charts.