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USD Pressured As Coronavirus Cases In US Remained High

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Wall Street opened mixed on Wednesday after the final analysis of the coronavirus vaccine candidate jointly developed by Pfizer Inc. and BioNTech SE showed that it was 95% efficient in preventing the virus.

On the economic front, the annual inflation rate in Canada increased to 0.7% in October 2020 from 0.5% in the previous month and above market expectations of 0.4%.

In the FX markets, the CAD advanced, boosted by a rise in oil prices and hopes that a coronavirus vaccine may be available soon.

Meanwhile, the USD declined further as the number of people infected with the coronavirus in the US rose by 161,934 on Tuesday, the third-highest daily rate since the pandemic started.

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