The Canadian Dollar weakened against the Greenback, following Canadian Employment Change data release on Friday. The USD/CAD currency pair gained 20 pips, or 0.16%, and later on was seen to continue to go upwards, thus weakening the Canadian Dollar even more.
The Statistics Canada released two datasets simultaneously, from which Employment Change data came out lower-than-expected of negative 1.1K for the month of April. However, Unemployment Rate came in line with forecast of 5.8%.
“The April employment report is not as bad as it looks, soft headline number doesn’t mean Canada’s labour market is struggling,” said Krishen Rangasamy, analyst at the National Bank of Canada.
