The Canadian dollar is heading for its worst weekly performance since late September, driven by disappointing employment figures that have raised doubts about the country’s economic health.
The loonie dropped 0.7% on Friday, extending its decline against a stronger US dollar. This puts the currency on track for a weekly loss of 1.1%, marking a significant downturn.
Data released on Friday showed Canada’s unemployment rate rose to 6.7% in October, while employment fell by 4,700 for the third consecutive month. These figures have amplified concerns about the economic outlook.
The weaker-than-expected jobs report has reinforced fears of a slowing economy, putting additional pressure on the Canadian dollar.