USD/CAD tumbles toward 1.3400 after a rebound in Canadian inflation – by MSalordFX USDCAD Inflation Canada Currencies
US Retail Sales rise below expectations in April. dropped from 1.3455 to the 1.3410 area following the release of US and Canadian economic data. The Loonie is among the top performers of the day in the currency market.Consumer Price Index rose to 4.4%
“Inflation now lies well above the April MPR's implied forecast of 4.0% y/y, and while the top-line story on core inflation may provide some reassurances to the BoC, the underlying story is one of further evidence that policy may not be tight enough to bring inflation down to its 2% target over a reasonable horizon. The risks continue to build for ahike later this year, especially if Q1 growth figures surprise sharply to the upside”, commented analysts at TD Securities.
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