USD Daily News

CAD Bullish after CPI Growth, GDP Implications

The Canadian dollar (CAD) was seen trading significantly higher yesterday following bullish reports about its level of inflationary growth. The agency Statistics Canada released its latest findings on CPI and Core CPI yesterday afternoon, both of which outpaced forecasts.

The nominal reading was seen moving higher than the core data, implicating a jump among the 8 volatile goods and services which the core reading excludes. Inflation in Canada was a concern last month, as several reports highlighted shrinkage in the northern giant's manufacturing and industrial sectors. A dip in oil prices is also beginning to gouge the Loonie's value in technical trading.

The implications which yesterday's CPI figures bring to today's economic calendar is a possibility of unexpected growth in Canada's gross domestic product (GDP) report. The Canadian economy will be publishing its monthly update on the nation's GDP with expectations for a contraction of 0.1%. If the bullish CPI growth factors into recent market forces, the GDP reading may also come in above expectations which would likely lead to another bullish leap by the CAD in this week's trading.

Current Time: 05/27 09:54 GMT

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06/30
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