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Old 21-11-2019, 12:42
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KostiaFM KostiaFM is offline
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Default Re: Daily Market Analysis by ForexMart

USD/CAD. November 21, 2019 Canadian dollar weakened to 5-week lows

The Canadian dollar fell to a 5-week low at mark 1.3330, despite rising inflationary pressure in Canada and the strengthening of Brent position in the oil market to $62.70 per barrel. The current quotation of the USD/CAD pair is 1.3300. Pessimism over US-China trade relations is forcing investors to give up risky assets and raises demand for safe assets and the dollar. Moreover it is putting pressure on commodity goods prices and commodity currencies, such as CAD.

According to current data, consumer prices in October rose 0.3% after falling 0.4% in September. Inflation remained at 1.9% year on year. Today, attention should be paid to the speech by the Governor of the Bank of Canada Stephen Poloz, who may touch on the theme of deterioration of the global economy, which increases the risks of lower interest rates in Canada.

The decision on monetary policy will be made by the Bank of Canada at the next meeting of the regulator, scheduled for December 4. Up to this point, the Canadian dollar may be under pressure in the area of ​​1.3300. Tomorrow you should pay attention to the release of data on retail sales.
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