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Canadian CPI falls more than expected-USD/CAD jumps on the news
The other North American data just released was the March reading of Canadian CPI. That was expected to come in slightly higher last month. That was estimated at 2.7% versus a prior reading go 2.6%. It has actually only risen by 2.3% on an annualised basis. The reaction in the USD/CAD has seen it charge higher, rising from around 1.3880 to a new session high at 1.3916. The reason for that is because the markets now err on the side of thinking the Bank of Canada might just cut rates tomorrow after seeing this data. The consensus remains for rates to stay at 2.75%, but this data has asked serious questions about that now. The USD/CAD is right now at 1.3901
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