Canadian Dollar Rose Strongly on CPI Data

Market Reviews

The Canadian dollar strengthened strongly after impressive economic data. Retail sales increased by 1.5% mom in October against expectations of 0.3%. The core CPI rose to 1.9% yoy, compared to the forecast of 1.7% year-on-year. Nevertheless, CPI core common slowed to 1.5% year-on-year.

The US dollar is trying to recover after mixed economic data. But still, the dollar remains unstable against all major currencies, except for the Japanese yen and the Swiss franc for the week. GDP growth in the third quarter was completed at 3.2% year-on-year, with a revised decline from 3.3%. Initial jobless claims increased by 20 thousand to 245 thousand for the week ending December 15, which is significantly higher than expectations of 234 thousand.