Canadian dollar hits 10-day low after surprise job losses
The loonie hit a 10-day low today after Canada lost 83,900 jobs in February. The data cooled rate hike bets as the unemployment rate climbed to 6.7 percent.
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The Canadian dollar weakened to a 10-day low against its counterpart in the United States on Friday as investors scaled back expectations for interest rate hikes following a sharp decline in domestic employment. The USD/CAD exchange rate reflected a 0.6% decline for the loonie, which traded at 1.3722 per U.S. dollar, marking its weakest level since March 3. For the week, the currency fell 1.1%, its largest weekly drop since early January.
