Loonie slides to near three-week low after Canada's unexpected job losses
The Canadian dollar fell to its weakest level since October 19 after employment shrank for a third month, reducing bets on Bank of Canada hikes.
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what happened
The Canadian dollar dropped to a near three-week low against the US dollar on Friday. The move followed labour data showing Canada cut 4,700 jobs in October and unemployment rose to a six-month high of 6.7%. Analysts had expected a gain of 13,600 positions.
According to Reuters, swap market data showed the chance of a Bank of Canada rate increase in December fell to 35% from 40%. The loonie was 0.7% weaker at 1.4110 per US dollar. Scotiabank strategists said weak Canadian figures, combined with strong US jobs data, gave the currency an extra push lower.
why it matters
The weak data matters for markets because it reduces the likelihood of tighter monetary policy in Canada, which weighs on the currency. Oil also plays a role: US crude traded near $90.40 a barrel, and since Canada is a major oil exporter, raw material prices feed into the loonie.
market impact
Canadian dollar: weak jobs data cuts Bank of Canada hike bets, adding pressure on the currency
- Canadian dollar pressure down — weak jobs data reduces expectations of Bank of Canada rate hikes
tags
instruments
sources
- Canadian dollar hits nearly three-week low on surprise jobs loss — Reuters, 6 November 2026 at 17:34 UTC
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