The Canadian dollar increased by 0.29 percent on Monday. However, the economic calendar looks thinly dispersed this week. Get a glimpse with 7 November USDCAD Fundamental Drivers Analysis to see the developments that are driving market movements of this pair today.
7 November, OctaFX – The USDCAD continued to move below over the last 24 hours as the CAD strength vividly seen. We also saw the dollar weaken all across the board. The strength of the Canadian Dollar started to take shape ever since the employment news was released from Canada last Friday and the USDCAD pair has weakened since then in the direction of the 1.27 area.
North of the border, Bank of Canada (BOC) Governor Stephen Poloz will also deliver a speech on Tuesday. The BOC has been actively raising interest rates this year in response to a booming Canadian economy.
The Poloz ‘s speech later today could lead to some volatility in the pair. But the fact remains, that the BOC would not be increasing rates until the middle of 2018 but in the meantime, the Fed still has the opportunities open for a rate hike come December.
7 November USDCAD Fundamental Drivers Analysis
The Canadian dollar has strengthened in recent sessions, with the USD/CAD falling back toward the 1.2700 handle. The pair is down from more than three-month highs as the greenback backtracks against a basket of world peers.
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