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CAD well supported by several developments - Scotiabank

FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at ScotiabankCFA, views CAD as strong, having rallied over 1.3% since its weakest level on Friday, leading to profit-booking.

Key Quotes

“The combination of a stronger than expected employment report, with monthly October job gains of 43k and a drop in the unemployment rate to 6.5%, and a more encouraging trade surplus have helped the currency to retrace.”

“In addition, oil prices are flirting with a break back above $80; media reports suggest a decision on Keystone is nearing; and the USD is broadly weaker. Accordingly, CAD has been well supported by several developments.”

“USDCAD short‐term technicals: mixed— studies are clinging to buy signals but most have lost momentum and the MACD is warning of a bearish cross”

“Accordingly profit taking is in full swing. Support lies at the November 3rd open of 1.1270; while resistance comes in at Friday’s open of 1.1423. C.S.”

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