Canadian Currency Reaches 4-Year Low as Jobs Data Fuel Rate Bets
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Canada’s dollar touched to a four-year low as the nation’s jobless rate unexpectedly rose, led by the largest drop in full-time work since 2011, adding to bets the central bank may consider cutting interest rates.
The currency declined for a fifth day, the longest losing streak since August, as the Canadian unemployment rate reached 7.2 percent in December, taking it above the U.S. jobless measure for the first time since 2008. Employment in America, the nation’s biggest trade partner, grew less than forecast. Bank of Canada Governor Stephen Poloz said this week he has “some room to maneuver” on interest rates.