Canadian Dollar Drops 1.1% in Worst Week Since September as Jobless Rate Hits 6.7%
Updated
Updated · Bloomberg · Nov 6
Canadian Dollar Drops 1.1% in Worst Week Since September as Jobless Rate Hits 6.7%
3 articles · Updated · Bloomberg · Nov 6
Summary
The loonie logged its biggest weekly loss since late September, sliding 0.8% on Friday and 1.1% for the week against a broadly stronger US dollar.
October labor data drove the move: Canada lost 4,700 jobs, marking a third straight monthly decline, while the unemployment rate edged up to 6.7%.
The weaker-than-expected report reinforced concerns about Canada's economic outlook and added to pressure on the currency after an already sharp drop earlier in the week.
The data also cooled expectations for further Bank of Canada tightening, with December rate-hike odds previously falling to 36%.