CAD FUNDAMENTAL FORECAST: BEARISH
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CAD WEEK IN REVIEW
The Canadian Dollar did not enjoy its most productive week against its major counterparts printing losses against the Dollar, Euro and the British Pound. CAD was weighed down by poor economic data indicating a slowdown in the economy while the early week decline in oil prices didn’t help matters. Lackluster GDP growth in September of 0.01% was followed by October’s flat figure while on a positive note wage and salary pressures seem to have moderated as well.
OIL PRICES PUSH CURRENT ACCOUNT BACK INTO A DEFICIT
Canada’s current account deficit is back at historic levels with a third quarter shortfall of 11.1 billion Canadian Dollars as lower oil prices weighed. Oil struggled in the first half of the week as unrest in China over the ‘Covid Zero’ strategy intensified…
