Canada unemployment rises in October, impacting rate hike outlook

Canada’s unemployment rate rose in October, a development that could make the Bank of Canada more cautious about further rate hikes amid economic uncertainty. The shift in labor-market conditions matters for risk assets, including crypto, because cooler employment data can reduce pressure for tighter monetary policy. Traders will watch upcoming Bank of Canada communications and inflation data for signals on whether the central bank pauses or slows its tightening path.