Canadian Dollar Falls On Weak Consumer Price Inflation
October 16 2019 - 6:55AM
RTTF2
The Canadian dollar declined against its major counterparts in
the European session on Wednesday, following a data showing a
decline in the nation's consumer prices in September.
Data from Statistics Canada showed that the CPI edged down 0.1
percent on a seasonally adjusted monthly basis in September,
unchanged from August. Economists has forecast a 0.3 percent
drop.
Core inflation, excluding food and energy, ticked up 0.1 percent
after a 0.2 percent increase in the previous month.
The CPI rose 1.9 percent year-on-year in September, the same
rate as in August.
Excluding gasoline, the CPI rose 2.4 percent for the third
consecutive month.
The loonie slipped to 1.3231 against the greenback, after
reaching a 2-day high of 1.3195 at 5:15 pm ET. The currency is
likely to find support around the 1.30 mark, if it weakens
further.
The loonie weakened to a 5-day low of 1.4620 against the euro
from Tuesday's closing value of 1.4562. The loonie is seen finding
support around the 1.50 level.
Having risen to a session's peak of 82.50 against the yen at
5:00 pm ET, the loonie changed course and depreciated to 82.04. The
next likely support for the loonie lies around the 78.5 level.
The loonie eased off to 0.8906 versus the aussie, from a 2-week
high of 0.8881 seen at 8:00 am ET. Should the loonie drops further,
0.90 is possibly seen as its next support level.
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