TORONTO, Sept 19 - The Canadian dollar strengthened to a six-week high against its U.S. counterpart on Tuesday, before giving back some of its gains, as hotter-than-expected inflation data bolstered bets for additional tightening by the Bank of Canada.
Canada's annual inflation rate in August jumped to 4.0% from 3.3% in July on higher gasoline prices. Analysts polled by Reuters had forecast inflation would hit 3.8%. Speculators have raised their bearish bets on the Canadian dollar to the highest since May, data from the U.S. Commodity Futures Trading Commission showed on Friday.
Recent volatility in headline inflation is not unusual but the underlying trend shown by core measures was inconsistent with bringing inflation down to the 2% target, BoC Deputy Governor Sharon Kozicki said.
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