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This rally was largely attributed to a positive start to the earnings season by major U.S banks. However, Danick Dutrisac of Fiduciary Trust Canada cautioned that this doesn’t necessarily indicate a long-term trend, especially for rate-sensitive sectors.
The Bank of Canada’s business outlook survey revealed a weakened Canadian business sentiment in Q3 along with elevated inflation expectations. Dutrisac has predicted changes in consumer spending patterns as excess savings deplete amid the central bank’s tightening cycle. Both the Bank of Canada and the U.S Federal Reserve are expected to keep rates steady.
The Canadian dollar strengthened to 73.43 cents U.S., despite the November crude contract falling to US$86.66 per barrel. The December gold contract decreased to US$1,934.30 an ounce, while the December copper contract saw a slight increase at US$3.58 a pound.
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