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Canadian Dollar Falls Sharply Against Majors After U.S. Jobless Rate Data

The Canadian dollar edged down sharply against major currencies after the releasing of the U.S. non-farm payrolls and unemployment rate data for the month of March in early new York deals on Friday.

U.S. employment saw continued growth in the month of March, although the pace of job growth came in well below economist estimates, according to a report released by the Labor Department.

The report showed that non-farm payroll employment increased by 120,000 jobs in March following an upwardly revised increase of 240,000 jobs in February. Economists had expected the addition of about 201,000 jobs compared to the increase of 227,000 jobs that had been reported for the previous month.

Despite the weaker than expected job growth, the unemployment rate unexpectedly edged down to 8.2 percent in March from 8.3 percent in 8.2 percent in February.

As of now, the loonie is trading near 0.9988 against the US dollar, 1.3085 versus the euro, a 1-month low of 81.57 against the yen and a new multi-day low of 1.0302 versus the Australian dollar.

by RTTNews Staff Writer

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