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The Loonie jumped sharply against the US Dollar, as the report showed unexpectedly strong inflation data on Thursday. The USD/CAD currency pair dropped 70 base points or 0.54% to hit the weekly low and failed to get back to pre-data levels.
Canadian yearly inflation rate increase in November to its strongest since the beginning of the year, supported by a rise in food and gasoline prices. Statistics Canada stated that the country's CPI marked a 2.1% yearly increase in November, compared with a 1.4% gain in the prior month, hitting the Bank of Canada's 2% goal since February. Moreover, seven of the eight main price categories were up, led by a 5.9% annual rise in transportation and passenger vehicle costs.
| Historical Data Table: Canadian CPI m/m | Economic Calendar for 22.12.2017 | ||||||||
| Date | 21.12.2016 | 15.03.2017 | 14.07.2017 | 20.09.2017 | 20.12.2017 | 1:30 PM | Canadian GDP m/m | ||
| Actual | 3.5% | 2.7% | 2.5% | 2.5% | 2.7% | 1:30 PM | US Durable Goods Orders | ||
| Forecast | 3.7% | 3.1% | 2.7% | 2.5% | 2.3% | 3:00 PM | US New Home Sales | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| AUD/CAD | 0.98261 | 0.97839 | -0.43% | AUD/CAD | 70.06% | 29.94% | |||
| CAD/CHF | 0.77345 | 0.77669 | 0.42% | CAD/CHF | 43.76% | 56.24% | |||
| EUR/CAD | 1.51759 | 1.51076 | -0.45% | EUR/CAD | 25.45% | 74.55% | |||
| USD/CAD | 1.28011 | 1.27318 | -0.54% | USD/CAD | 43.44% | 56.56% | |||