Weaker-than-expected Canadian employment data has fueled concerns about the country's economic outlook, and the Canadian dollar is likely to experience its biggest weekly drop since late September.

Canada’s unemployment rate rose to 6.7% in October, while employment fell by 4,700 for a third consecutive monthly decline. The weaker labor report and stronger-than-expected US employment data widened expectations for diverging interest-rate paths, while the Canadian dollar had fallen 0.7% for the week.