USD/CAD: Canadian CPI

The US Dollar depreciated against the Canadian Dollar, following the Canadian CPI data set releases on Thursday at 12:30 GMT. The USD/CAD exchange currency rate lost 46 pips or 0.35% right after the release. The Greenback continued trading at the 1.3275 level against the Canadian Dollar.

Statistics Canada released the Canadian CPI data, which came out better-than-expected of 0.5% compared with the forecast of 0.1%.

According to the official release: "Consumers paid 2.5% less for telephone services in July compared with June. The decline follows an industry-wide shift in the pricing structure of cellular data plans amid intensifying competition among wireless providers. The widespread introduction of unlimited data plans coincided with a reduction in the subsidies for wireless devices, shifting more of the cost of devices to consumers. Consequently, the multipurpose digital devices index, which includes prices for tablets and smartphones, rose 42.5% month over month. Telephone services account for 2.29% of the 2017 CPI basket of goods and services, while multipurpose digital devices account for 0.24%."