Canadian CPI causes CAD decline

Note: This section contains information in English only.
Source: Dukascopy Bank SA


At 12:30 GMT, Statistics Canada revealed that inflation in Canada had decreased more than expected. The news caused a decline of the Canadian Dollar, as it signals that the Bank of Canada is managing in its fight against inflation and it could reduce its monetary tightening plans.

The market consensus was that inflation in Canada had decreased by 0.1%. Instead, the data came out showing a monthly consumer price index drop of 0.3%.

The USD/CAD currency pair reacted to the news with a surge of 31 base points or 0.23% over a span of just 15 minutes.
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