Statistics Canada is gearing up to release its latest inflation report for October, tracked by the Consumer Price Index (CPI), on Tuesday.
The Canadian Consumer Price Index is seen ticking higher by 1.9% YoY in October. The Bank of Canada has reduced its policy rate by 125 basis points so far this year. The Canadian Dollar navigates multi-year lows against its American counterpart. Statistics Canada is gearing up to release its latest inflation report for October, tracked by the Consumer Price Index , on Tuesday. Expectations point to a potential 1.9% rise in headline inflation compared to the same month last year.
Pablo Piovano, Senior Analyst at FXStreet, suggests that under the current scenario of persistent gains in the Greenback and heightened volatility in crude Oil prices, further weakness in the Canadian Dollar should well remain on the cards in the near to medium terms. “If the rally continues, the next resistance level for USD/CAD emerges at the weekly peak of 1.4265 , ahead of the highest level reached that year at 1.
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