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CAD is flat with the market watching the OPEC meetings closely – Scotiabank

FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, notes that CAD was flat to yesterday’s close into the NA open, and anticipates it to trend higher over the medium term on the back of relative growth, and the impact of Oil prices.

Key Quotes

“CAD initially weakened in the European session but was flat to yesterday’s close into the NA open. However, CAD is trading with an awkward pattern, ignoring the shift lower in oil prices and instead having rallied 2% since its low on November 5th.”

“CNBC aired a segment on the Canadian oil sands, with Cenovus suggesting a $35/barrel production costs has Alberta somewhat protected from the recent declines in prices.”

“There is no domestic data expected today, leaving the focus on the U.S. data releases and the broad USD movement.”

“Over the medium term we expect USDCAD to trend higher on the back of relative growth, central bank and sentiment as well as the impact of oil prices.”

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