BREAKING: USDCAD dips after Canadian CPI data 📌

01:30 PM GMT, Canada - Inflation Data for October:

• Trimmed CPI: actual 2.6% YoY; forecast 2.4% YoY; previous 2.4% YoY;
• CPI: actual 0.4% MoM; forecast 0.3% MoM; previous -0.4% MoM;

Canadian swaps market see 20% chance of 50 basis point BoC rate cut in December, down from 38% before inflation data.

In October, the Consumer Price Index (CPI) rose by 2.0% year-over-year, up from 1.6% in September, with a smaller decline in gasoline prices playing a key role. Excluding gasoline, CPI rose 2.2%, consistent with prior months. Goods prices inched up 0.1% annually, while services grew 3.6%, marking a deceleration.

Monthly CPI rose 0.4%, with seasonally adjusted growth at 0.3%. House price growth and rent increases slowed slightly, while grocery prices accelerated for the third consecutive month. Regionally, CPI growth intensified in all provinces, and property taxes recorded a significant annual increase of 6.0%.

Source: xStation 5