The Canadian dollar dropped more than a cent on Friday after employment numbers plunged in October, bucking expectations for a gain in jobs and boosting the chances of an eventual Bank of Canada interest rate cut. Canadian employers cut almost all the jobs gained in September as a sluggish economy led to October layoffs in the manufacturing and construction sectors, data showed.
In the wake of the surprise job losses, the Canadian dollar fell to a session low of C$1.0229 to the US dollar, or 97.76 US cents, its weakest point in more than two weeks, before regaining a little ground. The Canadian dollar stood at C$1.0188 to the US dollar, or 98.15 US cents, still more than a cent below Thursday's North American close at C$1.0081 to the US dollar, or 99.20 US cents.