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Old 11-11-2019, 12:25
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KostiaFM KostiaFM is offline
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Default Re: Daily Market Analysis by ForexMart

USD/CAD. November 11, 2019 Canadian dollar weakens after labor market data

The USD/CAD pair managed to gain a foothold above 1.3200 after the release of weak data on the labor market in Canada, which turned out to be much worse than analysts' forecasts. Experts expected that employment growth would slow from 53 thousand to 15, but current data showed an unexpected decrease in the number of jobs by 1.8 thousand.

Despite the fact that the growth in average wages accelerated, Friday's data reflected the weakness of the Canadian labor market and increased the likelihood of an interest rate reduction by the Bank of Canada by the end of this year.

Against this background, the USD/CAD pair rose to the level of 1.3225 and continue to consolidate in this area at the beginning of the week. Today we expect further moderate growth of the US dollar to 1.3250.
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