The Canadian dollar is on track for its worst week since September following a decline in employment in October. Canada lost 4,700 jobs, marking the third consecutive month of job losses, while the unemployment rate rose to 6.7%, its highest level since April. Markets now expect the Bank of Canada to take a more cautious approach at its December meeting, with a 71% probability of rates remaining unchanged, up from 62% the previous day. The probability of a 25-basis-point rate hike fell from 37% to 30%. The central bank’s next interest rate announcement, scheduled for December 9, 2026, will be closely followed by investors.
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