Investing.com - The U.S. dollar ended lower against the Canadian dollar in a volatile session on Friday following the release of mixed April employment data from both the U.S. and Canada.
The Labor Department reported that the U.S. economy added 223,000 jobs in April, just shy of economists forecast for 224,000. The unemployment rate ticked down from 5.5% to 5.4%, the lowest since May 2008.
But March’s payrolls report was revised to show that only 85,000 jobs were created, the fewest since June 2012.
The data did little to alter expectations that the Federal Reserve will keep rates on hold at current record lows until later in the year.
At the same time Statistics Canada reported that the economy shed 19,700 jobs in April, far more than the decline of 5,000 forecast by economists. It was the largest decline in eight months.
The unemployment rate remained steady at 6.8%, compared to expectations for a slight uptick to 6.9%.
Part-time and retail employment accounted for most of the decline, the report said, after retailer Target closed all of its stores in Canada last month.
USD/CAD initially hit highs of 1.2146 in choppy trade, before slipping back to 1.2070 in late trade, down 0.45% for the day.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, hit highs of 95.17 after the data, before pulling back to 94.9 in late trade. The index ended the week down 0.57%, its fourth consecutive weekly loss.
In the week ahead investors will be turning their attention to U.S. data on retail sales and consumer sentiment for fresh indications on the strength of the economic recovery.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Monday, as there are no major economic events scheduled.
Tuesday, May 12
Federal Reserve Bank of San Francisco President John Williams is to speak at an event in New York; his comments will be closely watched.
Wednesday, May 13
The U.S. is to publish data on retail sales.
Thursday, May 14
The U.S. is to publish reports on producer prices and initial jobless claims.
Friday, May 15
Canada is to publish a report on manufacturing sales.
The U.S. is to round up the week with reports on industrial production, manufacturing activity in the New York region and consumer sentiment.