Canadian dollar drops as jobs data clips rate hike bets
The Canadian dollar weakened after the economy lost 17,700 jobs in April. This data led investors to scale back expectations for Bank of Canada rate hikes.
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Canada lost 17,700 jobs in April, pushing the USD/CAD 0.2% lower to 1.3690 on Friday afternoon. The decline ended a four-week winning streak for the currency as unemployment rose to a six-month high of 6.9%. Investors are slashing Bank of Canada rate hike bets, shifting the yield advantage toward the United States.
