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CAD remains flat - Scotiabank

FXStreet (Barcelona) - Camilla Sutton, CFA, CMT, Chief Currency Strategist at Scotiabank notes CAD trading flat and underperforming commodity currency peers.

Key Quotes

“CAD is flat heading into the NA session, underperforming its commodity currency peers as market participants focus on the continued decline in benchmark oil prices and the implications for the domestic outlook following Wednesday’s fiscal update in which surplus projections were moderated by softened oil price assumptions.”

“Near term risk for CAD is likely to remain influenced by domestic developments as we look to the release of the Bank of Canada review (10:30am EST) and a speech from Sr. Dep. Gov. Wilkins at 3:05pm EST (text at 2:50pm EST, see p3 for calendar).”

“Externally, market participants will remain focused on U.S. developments including the House vote on Keystone as well as Fed speeches and employment data (claims and JOLTS).”

“For USDCAD, the recent decline from last week’s highs has coincided with a moderation in typical correlations and a softening in options pricing against upside risk, hinting to a potential reassessment among market participants. “

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