Canadian dollar heads for weekly decline as jobless rate climbs

News Snapshot:

The Canadian dollar CADUSD weakened to a three-week low against its U.S. counterpart on Friday as signs that trade tensions are hurting employment bolstered expectations for additional interest rate cuts from the Bank of Canada. The loonie was trading 0.1% lower at 1.3935 per U.S. dollar, or 71.74 U.S. cents, after touching its weakest intraday level since April 16 at 1.3944. For the week, the loonie was down 0.8%, with the currency pulling back from a near seven-month high on Tuesday at 1.3748. Canada’s unemployment rate rose to 6.9% in April, the highest level since November and above the 6.8%...