Canada's employment data was weaker than expected, deepening market concerns about the country's economic outlook. As a result, the Canadian dollar is expected to record its biggest weekly decline since late September. The Canadian dollar fell 0.7%, falling sharply against the backdrop of the general strengthening of the US dollar. The weekly decline is likely to reach 1.1%. The data shows that Canada's unemployment rate rose slightly to 6.7% in October, and the number of employed people fell by 4,700. For the third month in a row, employment declined, and the decline in the Canadian dollar continued. What was released at the same time as the Canadian data was strong US employment data for October, which strengthened the market's bets on the Fed's interest rate hike next month. “The Canadian employment report is clearly negative for the Canadian dollar. Weakness in full-time and private sector employment indicates that the bottom labor market is weakening,” said Sarah Ying, head of foreign exchange strategy at the Canadian Imperial Bank of Commerce. “As interest rate expectations between Canada and the US further diverge, we believe the USD/CAD subsequent risk is still biased upward” — in other words, the Canadian dollar is weaker.