CAD Trades Sideways, Attempts Rally vs. JPY

The Canadian dollar was trading sideways at the beginning of this week after the Friday’s drop due to poor employment data. The currency was flat against the US dollar and the euro but was rising against the Japanese yen.
Canadian employment lost as much as 28,900 jobs in April after rising by 42,900 in the previous month. It was a huge surprise to the majority of economists who were counting on growth by about 12,800. The unemployment rate remained at 6.9 percent.
The currency sank on Friday after the report but did not extend its decline this week. The outlook for the Canadian economy remains fairly positive, though the employment data gave no reason for the central bank to even start thinking about an interest rate hike.
USD/CAD was at 1.0899 as of 3:25 GMT today after falling from 1.0898 to 1.0894 yesterday. EUR/CAD traded near its opening level of 1.4987. CAD/JPY rose from 93.70 to 93.78.

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