USD/CAD rises to 1.3820 as mixed Canadian inflation report keeps BoC rate cut hopes firm. BoC’s preferred inflation gauge softens to 2.0% on a year-on-year basis. The US Dollar hovers near a six-month high as the Fed is expected to delay rate cut plans. The USD/CAD pair jumps to 1.3820 in Tuesday’s early New York session afterStatistics Canada reported a mixed Consumer Price Index report for March. The agency showed that monthly headline CPI grew by 0.6%, slower from expectations of 0.
The BoC has kept interest rates steady at 5% since July 2023 to maintain downward pressure on consumer price inflation. Meanwhile, significant demand for safe-haven assets due to worsening geopolitical tensions and faded speculation for Federal Reserve rate cuts for the June and July policy meetings have built pressure on the Canadian Dollar. The US Dollar Index falls slightly from a five-month high of 106.44.
BOC Fed Inflation Dollarindex
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