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TORONTO, Nov 8 - The Canadian dollar weakened against its U.S. counterpart on Friday as oil prices fell and domestic employment data supported bets for another outsized interest rate cut by the Bank of Canada next month.
"Odds on a 50-basis-point rate cut at the Bank's December meeting are holding just above coin-toss levels, and the rate differential between U.S. and Canadian ten-year bond yields remains extremely wide relative to history, helping put sustained pressure on the loonie," Karl Schamotta, chief market strategist at Corpay, said in a note.
For the week, the loonie was up 0.2%, after it clawed back on Thursday some of the losses it sustained after the outcome of the U.S. presidential election.
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