The Canadian dollar srtengthened against the Greenback, following the Canadian CPI data release. The USD/CAD currency pair lost 66 pips, or 0.50%, to continue fluctuating in the 1.3159 area.
The Statistics Canada released Consumer Price Index data that came in line with expectation of 0.1%, but lower from the previous period 0.1%.
The data was published together with Canadian Retail Sales, which came out better-than-expected of 1.4% compare to 0.4% forecasted, which boost the pair downward. A senior economist at CIBC World Markets Royce Mendes have said: “The biggest surprise was the ex-autos reading in retail sales,” and added “It blew past expectations. This was a lot of people coming back to stores after weather affected April’s numbers.”
