The US dollar rebounded from a multi-year low against the Canadian dollar on Friday, after a report showed the number of employed people in Canada fell unexpectedly in March.

USD/CAD rose to 0.9584 during European trading, retreating from a three-and-half low of 0.9540 hit earlier on Friday.

Earlier on Friday, the Canadian dollar rose to its highest level since late 2007, as rising oil prices and appetite for higher-yielding assets supported the currency.

A report from Statistics Canada showed that the number of employed persons fell by 1,500 in March, while the markets had expected the economy to add 30,000 jobs. However, the unemployment rate remained unchanged at 7.7 percent.

The Bank of Canada is expected to make an announcement on interest rate on Tuesday, while the consensus is key rates to remain unchanged.