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USD/CAD spikes to new 2024 high after CPI rises less than forecast

The March Canadian CPI (Consumer Price Index) report has just been released. The markets were expecting the data to show an increase last month, of around 0.7%. That compares to a gain of 0.3% in February. The actual increase was 0.6% . The annualised rate rose slightly to 2.9%, from 2.8%. That was expected. However, the Median core rate was lower than forecast too.Prior to this the USD/CAD was edging lower, from an earlier noted 2024 high at 1.3814, to around 1.3775. The impact of this data has sent the USD/CAD sharply higher again, reaching a new 2024 high above 1.3820
 

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