The unemployment rate rose to 6.5%, up from 6.4% in the previous month, following a similar loss of 41,700 positions in August. Market participants and analysts attributed the downturn to an ongoing trade war with the US and a frozen housing market. While annual wage growth accelerated to 2.3%, potentially complicating inflation targets, traders have broadly reduced expectations for any further rate increases by the end of the year.
Tuesday, October 20, 2026
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Canadian Dollar Sinks to April 2025 Low on 68,300 Job Loss
Global Markets11 days ago
Traders sold off the national currency after a September labor report revealed a sharp contraction in hiring that defying expectations of growth. Canada's economy lost 68,300 jobs last month, missing analysts' forecasts for a 10,000 gain, which pushed the Canadian dollar to its weakest level since April 2025. The weak data led swap markets to slash the probability of a Bank of Canada interest rate hike in October to 27% from 40%.
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