Data this morning showed that Canada’s annual inflation rate picked up steam last month after slowing to a near two-year low in June, as it cost more to purchase gasoline and maintain a residence.
The all-items consumer-price index in July rose +1.2% from a year earlier, following a +1% advance in the previous month. The headline print matched market expectations.
On a month-over-month basis, CPI was unchanged in July. Meanwhile, the average annual rate of core-inflation rose +1.5% in July vs. June’s gain of +1.4%.
The loonie has gathered steam outright, rallying +0.4% to C$1.2714 from C$1.2768 immediately after the data release. Major support remains intact just below the psychological C$1.27 handle at C$1.2685.
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Dean Popplewell
He has a deep understanding of market fundamentals and the impact of global events on capital markets.
He is respected among professional traders for his skilled analysis and career history as global head
of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean
has played an instrumental role in driving awareness of the forex market as an emerging asset class
for retail investors, as well as providing expert counsel to a number of internal teams on how to best
serve clients and industry stakeholders.
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