USD/CAD forecast for November 09, 2020

An important aspect for the Canadian dollar is the price of oil. Lockdown of European nations and the spread of coronavirus might cause a decline in oil need, causing a fall in the Canadian currency.

The coronavirus in America tape-recorded a record 130 thousand brand-new infections in one day. The most current U.S. report of a seven-day average of 105,600 day-to-day cases, increased by at least 29 percent, is higher than the combined average for India and France, the 2 worst-hit nations in Asia and Europe. More than 237,000 Americans have died from covid-19 considering that the coronaviruss disease first appeared in China late last year.

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The country is still in lockdown. Get the most current economy news, trading news, and Forex news on Finance Brokerage.

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The number of cases in Canada has gone beyond 4,000 freshly contaminated. The country is still in lockdown. There is no important news for Canada today.

Looking at the chart, we see that the USD/CAD pair will soon check the previous low at 1.29900-1.30000. Here one must take note of whether it will break below or bounce up if he breaks down because of the weak dollar and the still unsettled elections in America, where the Supreme Courts decision for the last answer will be awaited.

On the other hand, recently, Canadians had The Unemployment Rate, which was negative, which means a boost in joblessness, and The Ivey Purchasing Managers Index (PMI), which was above and positive average.

Financiers are still keeping to the side and waiting for the outcome to act. The USD/CAD pair remained on the defensive during the early European session, while the Bears are still awaiting a continuous break below the essential psychological mark of 1.30000.

The coronavirus in America taped a record 130 thousand new infections in one day. The most recent U.S. report of a seven-day average of 105,600 day-to-day cases, increased by a minimum of 29 percent, is greater than the integrated average for India and France, the two worst-hit nations in Asia and Europe. More than 237,000 Americans have actually died from covid-19 since the coronaviruss disease initially appeared in China late last year.

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