Canadian Dollar Moves Higher Despite Weaker Equities

(CEP News) - Weaker North American equity markets are having little impact on the Canadian dollar as it makes gains against the greenback.
According to some currency strategists, there appears to be some renewed interest in the Canadian dollar Friday morning as the loonie jumps from the third worst currency on the day to the third best.
The U.S. jobs report for March is not providing much direction for currency markets. The U.S. economy shed 663,000 jobs in March and the unemployment rate rose four-tenths to 8.5%. Both numbers were in line with expectations.
USD/CAD has traded in a fairly tight channel Friday. During the Asian session, the cross hit daily lows at 1.2378 CAD, but managed to recover following the employment data, hitting highs at 1.2456.