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USD/CAD: Weekly Analysis & Daily Forecast

The Canadian economy’s soft patch continued for the third straight month in October and a modest growth forecast for November will further support investors bet for an interest rate cut in the first quarter of next year, economists said.

Latest data released by the Statistics Canada data on Friday showed that the Canadian economy was unchanged in October, while analysts polled by Reuters had forecast a 0.2% month-over-month rise. September’s GDP was downwardly revised to zero growth from an initial report of 0.1% growth.

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