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Canadian CPI Surprises; USD/CAD Plunges
Today’s main fundamental factor for the loonie is the Canadian inflation data for October. The monthly CPI reading for October came in at 0.1%, which is the same as September’s reading, but was much better than the forecast reading around -0.3%. The core CPI reading rose 0.3%, better than the previous print of and forecast around 0.2%. There has been some inflation concerns, and while October’s data itself does not completely rid of these concerns, it does alleviate it. A couple more positive monthly inflation data closer to 0.5% would significantly mitigate those “low-inflation concerns”. On an annual ... (full story)