by SignalFactory · November 21, 2019 | 07:52:54 UTC
Canadian Dollar was rescued from month-long lows Wednesday by near-target
inflation figures for the month of October but the Loonie will be vulnerable to
the U.S. Dollar and Pound Sterling in the weeks ahead because the Bank of
Canada (BoC) is edging closer to cutting its cash rate.
inflation rose 0.3% in October, in line with the market consensus, which kept
the annualized rate of price growth steady at 1.9%. Meanwhile, once gasoline
was excluded from the goods basket, inflation rose by 2.3% last month after
dropping 10 basis points from September’s level.
BoC’s various measures of core inflation, which are thought to provide a better
reflection of underlying trends by eliminating the most volatile items from the
goods basket, all continued to average the 2% target last month.
dollar retreated from a November low against the U.S. greenback and Sterling in
response to the figures although neither move was sustained for long.
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