The Canadian Dollar weakened significantly against the American counterpart, after the country's economic data missed expectations. Following the release, the USD/CAD jumped 53 base points or 0.43% to proceed strengthening to touch the intraday peak of 1.2351.
Statistics Canada revealed that the headline CPI for the country climbed 0.1% over the course of August, below expectations for a 0.2% gain, while the yearly rate increased 1.4% in the same period. Another report showed that Canadian retail sales rose more than anticipated 0.4% in July, as consumers spent more on cars, food and alcohol. Though, some disappointing data in the future could be to the detriment of Canadian dollar and BoC rate hike forecasts.
| Historical Data Table: Canadian CPI | |||||
| Date | 19.05.2017 | 23.06.2017 | 21.07.2017 | 18.08.2017 | 22.09.2017 |
| Actual | 0.40% | 0.10% | -0.10% | 0.00% | 0.10% |
| Forecast | 0.50% | 0.20% | -0.10% | 0.00% | 0.20% |
| Initial Reaction on Main Pairs 6:30 GMT | |||||
| Open Price | Close Price | % Change | |||
| AUD/CAD | 0.97726 | 0.98113 | 0.40% | ||
| CAD/CHF | 0.79123 | 0.78761 | -0.46% | ||
| EUR/CAD | 1.46654 | 1.47338 | 0.47% | ||
| USD/CAD | 1.2257 | 1.23097 | 0.43% | ||