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Canadian dollar falls to nearly three-week low after October job losses
Reuters reported Friday that the Canadian dollar fell to a nearly three-week low against the U.S. dollar after Statistics Canada data showed a third straight month of job losses.
Based on reporting by Reuters
The Canadian dollar fell to a nearly three-week low against the U.S. dollar on Friday after employment data showed a third consecutive monthly decline in jobs, Reuters reported from Toronto1.
Reuters said the currency was down 0.7% at 1.4110 per U.S. dollar, or 70.87 U.S. cents, after touching 1.4125, its weakest intraday level since Oct. 191. For the week, Reuters said the loonie was on track to lose nearly 1% after three weeks of gains1.
Canadian employment fell by 4,700 in October and the unemployment rate rose to 6.7%, a six-month high, Reuters said, versus an expected gain of 13,600 jobs1. Swap markets put the chance of a Bank of Canada rate increase in December at 35%, down from 40%, according to the report1.
Reuters said U.S. nonfarm payrolls rose more than expected in October, lifting the dollar, while Canadian two-year yields fell 3.3 basis points to 3.123%1. Oil, a major Canadian export, was little changed at $90.40 a barrel after a steep weekly drop, the agency said1. Whether the job losses persist, and whether the Bank of Canada holds or tightens in December, was not established in the wrap1.
