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Currency Updates

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FX Daily

Canada releases its November manufacturing PMI this morning employment data tomorrow. After a surge in October, slower job growth is expected.

FX Weekly

The data release schedule dramatically increases this week after a calm prior week. On Tuesday, Canada releases its September GDP and employment figures are set to be released Friday.

FX Monthly

The Canadian dollar had a horrible month of September. The USD/CAD  weakened by over 4% and closed the month well over 1.38. The combination of a slowing economy, weakening risk appetite and the perception that the Bank of Canada will not be hiking rates as much as the US Fed have contributed to the decline.

Canadian Dollar Forecast, September 2022

The Canadian economy is beginning to show cracks. On the domestic front, the Bank of Canada is currently taking a hawkish approach, raising interest rates at each meeting by increasing their magnitude in an effort to choke off inflation. 

Currency Chart

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