The U.S. dollar was steady against its Canadian counterpart on Monday, hovering near eight-week highs as the greenback began to recover from the downward trend caused by weak U.S. jobs data on Friday, while markets in Canada were to remain closed for a national holiday.
USD/CAD hit 1.0934 during European afternoon trade, the session high; the pair subsequently consolidated at 1.0924, inching up 0.07%.
The pair was likely to find support at 1.0877, the low of July 31 and resistance at 1.0960, the high of June 5.
The greenback came under pressure on Friday after official data showed that that the U.S. economy added 209,000 jobs in July, below forecasts for jobs growth of 233,000.
Although it was the sixth successive month that the U.S. economy added more than 200,000 jobs, the unemployment rate unexpectedly ticked up to 6.2% from 6.1% in June. In addition, wage growth was flat, pointing to underlying slack in the economy.
The data prompted investors to curtail expectations on the timing of a possible rate hike by the Federal Reserve.
The loonie was little changed against the euro, with EUR/CAD easing up 0.03% to 1.4664.
Earlier Monday, official data showed that the number of unemployed people in Spain dropped by 29,800 last month, compared to expectations for a decline of 116,300. In June, the number of unemployed people in Spain declined by 122,700.