The Canadian dollar appreciated toward 1.405 per USD, rebounding from the seven-month high of 1.412 on November 6th amid a batch of strong labor market data. The unemployment rate fell to 6.9% in October from the four-year high of 7.1% in the previous month, supported by an unexpected surge in employment and a drop in unemployment. Additionally, wage growth unexpectedly rose to an eight-month high of 4%, well above the latest inflation gauges. The results consolidated the view that the Bank of Canada is likely to have finished its rate cutting cycle last meeting, as signaled by policymakers should their base case hold, as the economy has proven relatively robust to US tariffs and underlying inflation measures remain well above target. The latest data showed that trimmed-mean core inflation rate, the BoC's preferred gauge of underlying inflation, rose to the highest level since February of 2024 last month. Conversely, pessimistic data for the US labor market weakened the US dollar.