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USD/CAD rises to above 1.3835 after Canadian CPI falls more than expected
The other stateside release hitting the wires just now was the latest Canadian CPI report and that has come in quite a bit lower than forecast. CPI fell by 0.4% last month, where the markets were expecting a 0.2% decline. The noted annualised rate has also come in below consensus, at 1.6%. The markets were forecasting that at 1.8%, down from the prior reading of 2%. The reaction in the USD/CAD has seen the US dollar rise immediately to fresh session and interim highs above 1.3835. The markets are now pricing in around an 80% chance of a 0.50% rate cut from the BOC next week following this data. The USD/CAD is currently trading at 1.3830
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