If things go as expected the Democrats will take control of the House of Representatives while the Republicans remain in control of the Senate. Democrats will likely have more state governors and therefore there will be more pushback between the states and Washington.
USD-CAD has settled around 1.3100, above the 11-day low seen on Friday at 1.3049 and below the two-month high see last Wednesday at 1.3170. Fresh seven-month lows in oil prices today, coupled with Friday’s miss in Canada’s October jobs report, which contrasted with the strong U.S. jobs report for the same month, should keep USD-CAD underpinned.
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