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Canadian Dollar Declines Before November Unemployment Report

Dec. 7 (Bloomberg) -- The Canadian dollar weakened versus its U.S. counterpart before a report forecast to show the nation’s unemployment rate held steady at 7.4 percent in November.

Canada’s currency gained against the euro as the European Central Bank is seen moving closer to cutting interest rates. The so-called loonie is headed for a weekly gain against the greenback as Canadian companies may have added 10,000 jobs last month, up from a 1,800 gain in October, according to the median estimate of economists in a Bloomberg survey. A separate report is forecast to show U.S. companies hired fewer workers in November.

The loonie, as the Canadian currency is known for the image of the waterfowl on the C$1 coin, declined 0.1 percent to 99.23 cents per U.S. dollar at 8:15 a.m. in Toronto. One Canadian dollar purchases $1.0078.

Canada’s benchmark 10-year bonds rose, pushing the yield down 0.2 basis points, or 0.02 percentage point, to 1.68 percent. The 2.75 percent security maturing in June 2022 rose 15 cents to C$109.37.

Oil, the country’s biggest export, fell 0.3 percent to $85.98 a barrel in New York. Futures on the Standard & Poor’s 500 Index were 0.3 percent lower.

To contact the reporter on this story: Joseph Ciolli in New York at jciolli@bloomberg.net

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

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