Canadian Dollar Declines Before November Unemployment Report
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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.