**As seen in Macro Walk report 11/10/23, subscribe at cablefxm.co.uk/reports
The terms of trade section in our Macro Walk report showed a significant deterioration in the Canadian index last month. October was the worst period for the Citi ToT Canada gauge seen this year so far
The development has pushed the differential in Australia-Canada ToT to the best levels since April. AUD/CAD traded heavily into the beginning of November, however, the move has been reversed, and the upside is supported by stronger AUD fundamentals
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