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5 Things to Know Today: Midterms Day, Oil Plunge, Trade Deal, Budget (Nov 3)

  Canadian Money Brief • Tuesday, November 3, 2026 It’s Election Day in the United States, oil just had its biggest one-day drop since late July, and Ottawa tables its budget on Thursday. Here are five things to know today, and what each one means for your wallet. 1. U.S. midterms: Canada is watching Americans vote in the midterm elections today. Markets are expecting Democrats to win the House of Representatives, while control of the Senate is still uncertain. Trade policy has been a campaign issue, especially in border states such as Michigan and Maine, where Republican candidates have faced pressure over tariffs that have hurt local businesses. What it means for you: The result could move the loonie, the TSX and the tariff talks over the coming days, but one election night is rarely a reason to rebuild your TFSA or RRSP. If you need to convert Canadian dollars to U.S. dollars soon, expect choppy exchange rates. 2. Oil plunges on Iran diplomacy, then bounces Oil fell sharply o...
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Canada's Unemployment Rate Hits 6.8% Amidst Job Market Challenges


Despite a significant increase in hiring, Canada's unemployment rate rose to 6.8% in November, marking the highest level since January 2017, excluding the pandemic period. The economy added 51,000 jobs last month, with most of the gains in full-time employment. However, the rise in unemployment was driven by more people entering the job market, reflecting ongoing challenges in the labor market.

The Bank of Canada is closely monitoring these developments as it prepares for its upcoming interest rate decision. High interest rates have cooled the labor market over the past year, leading to longer periods of unemployment for many Canadians. The job report also highlighted that 46.3% of unemployed Canadians in November had not worked in the last year or had never worked, up from 39.5% a year ago.

As the country navigates these economic headwinds, the focus remains on balancing job growth with inflation control and interest rate adjustments.




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