Quotes from Western Union:- The loonie stayed on its back foot and above C$1.24, still nursing wounds opened by last week’s unexpected rate cut from the Bank of Canada. – Like the U.S., Canada on Friday will release key growth figures. If it hasn’t done so before Friday, USD/CAD would be well placed for a poke above C$1.25 if Canadian GDP should underwhelm forecasts of flat growth in November from a 0.3 percent gain in October. – Anything that suggests last week’s BOC rate cut wasn’t the one-off variety and that another cut could follow would leave the loonie exposed to greater downside risk.
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