Canada's employment report for March will come as blockbuster Canadian job gains this year have helped bolster investor sentiment for the loonie, offsetting other data showing a slowdown in the economy.

Industrial orders in Germany fell by the biggest margin in more than two years in February, highlighting the extent of the slowdown amid the risk of a no-deal Brexit and global trade disputes.

Canada exports many of its commodities, including oil, so its economy could be hurt by a slowdown in global growth.

The chief executive officer of Royal Bank of Canada, the country's biggest lender by market value, said Canada's struggle to compete with global peers is hurting its ability to grow the economy.

At 9:18 a.m. (1318 GMT), the Canadian dollar traded 0.1% lower at 1.3364 to the greenback, or 74.83 US cents.

The currency traded in a narrow range between 1.3339 and 1.3373, while the US dollar rose against a basket of major currencies.

The Canadian International Trade Tribunal said on Wednesday that tariffs should remain on two types of steel originating from many countries other than the United States, and those on five other steel products should be lifted.

Manufacturers have said the rising cost of steel has hurt their export competitiveness.

The price of oil, one of Canada's major exports, was little changed as expectations of tight global supply offset pressure from rising US inventories and production. US crude prices were near flat at $62.45 a barrel.

Canadian government bond prices were higher across a flatter yield curve, with the two-year up 1 Canadian cent to yield 1.583pc and the 10-year rising 14 Canadian cents to yield 1.694pc.