Canadian CPI causes volatility

Source: Dukascopy Bank SA


At 12:30 GMT on Wednesday, the Canadian Consumer Price Index data revealed that monthly inflation in Canada had increased by 1.4%, compared to the market forecast of 0.9%. The news signaled that the local demand for the Canadian currency is higher. Moreover, the Bank of Canada could tighten the supply of the Canadian currency event further in an effort to stop inflation.

The USD/CAD reacted to the news with an immediate drop of 19 base points or 0.15%. In addition, during the almost 24 hours prior to the publication, the currency pair had declined 137 points or 1.08%.

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