Cad is Cap
Cad is cappin. So, the Cad has been weak ever since their GDP came in lower than expected on Sept 29. They also printed 0% growth in October, so it's not a recession just yet because the trend is the same & not downward. ("The Canadian economy may have entered a technical recession, according to preliminary data from Statistics Canada, but experts say people may not feel the difference just yet – though that could change quickly with interest rates currently elevated. ")Euro plans on pausing their rates , no more hikes. Cad has already done so. With that being said, i'll take some buys on the loonie because that tells me, rates are set for some months to come , it's going to be all about CPI and GDP for the rest of the year, leading into 24. & i believe Canada has the better data. Also the more OPEC+ cuts, oil should rise and at least give the canadian dollar some extra backing! Oil has been losing it's foot. Dropping from 93.7 to sub 80 in the exact same time frame. Continuous OPEC+ cuts and US selling all of it's oil reserves, then there should be a solid ground somewhere within that madness
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