Canadian Dollar Drops as September Employment Plunges by 68,300 Jobs

The Canadian dollar weakened sharply, pushing USD/CAD up to a session high of 1.4293, after Canadian employment dropped by 68,300 jobs in September. The decline marked a second consecutive monthly contraction following August's 41,700 drop and missed expectations of a modest gain. The unemployment rate stood at 6.5% as the participation rate fell to 64.8%. Losses included 35,400 full-time and 32,900 part-time positions, with the public sector shedding 70,000 jobs while private payrolls rose by 24,100. Meanwhile, permanent hourly wage growth accelerated to 2.3% year-over-year.