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Investors react to Canadian inflation report


19.10.2022
Investors react to Canadian inflation report

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar             1.3750-1.3850

Euro                     1.3450-1.3550

Sterling                1.5450-1.5550

 

WTI Oil (opening level) $83.50

The US Dollar index is stronger this morning as both the Euro and Pound are again lower. The Canadian Dollar is front and centre this morning as the annualized inflation rate in September fell back just a little to 6.9% from 7.0% but the Core Inflation number actually rose to 6% from 5.8%, clearly inflation is still rising in Canada which will lead the Bank of Canada to continue to do oversized interest rate hikes through the end of the year.

USD.CAD which had been trading at 1.3785 (0.7254) fell slightly to trade at 1.3760 (0.7267) on the report and it looks like the Loonie will be able to extend some small gains today. 

Stocks are pointing lower on the opening which will put some pressure on the US Dollar to rise so any gains from the Loonie may be short-lived.

 



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US Dollar        1.3600-1.3700

Euro                1.4750-1.4850

Sterling           1.7300-1.7400

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Today's expected range for the Canadian Dollar against the major currencies:

US Dollar             1.2850-1.2950

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Sterling                1.6150-1.6250

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US Dollar        1.4100-1.4310

Euro                 1.4710-1.4940

Sterling            1.7760-1.7990