was little changed against its U.S. counterpart on Monday, arresting its recent decline, as oil prices rose and traders awaited domestic inflation data that could offer clues on the prospect of interest rate cuts.
“A rebound in U.S. equities and firmer WTI crude oil prices have helped to stall last week’s CAD weakness, with the market likely to tread water until the release of tomorrow’s Canadian CPI report for February,” said George Davis, chief technical strategist at RBC Capital Markets. Canadian consumer price index data for February, due on Tuesday, is expected to show inflation increasing to an annual rate of 3.1 per cent from 2.9 per cent in January.
Data on Monday showed that Canadian home sales fell 3.1 per cent in February after strong growth in the previous two months, while prices steadied after five straight months of declines.
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