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Now that the controversy over Canada’s budget is over, we can look ahead at key fundamental data releases coming up.
The CAD, like other commodity currencies, has been supported by a broader feeling of optimism in the markets. In particular, Canada has seen a series of improving economic data over the summer.
Where there might be a wrinkle is that Canada escaped the surge in COVID cases over the summer.
However, cases have spiked since the beginning of last month. In fact, they have quickly reached higher levels of new confirmed cases than during the “first wave”.
Part of that might be tempered because testing is much more widely available and prolific this time.
On the positive side for the CAD is something negative for the US: specifically for residents along the Gulf Coast as another hurricane takes direct aim at Louisiana.
Once again US refineries are shutting down in anticipation. 8% of US production was cut on Oct 6. Last night, around 49% of US...
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