The inflation rate in Canada expectedly reached 2.2 per cent in November, up by 0.3 percentage points from the recorded headline inflation in October.
Despite being the only major economy that has inflation above the 2 per cent mark, Canada’s Consumer Price index actually decreased marginally in November.
The CPI lessened by 0.1 percentage point from the 0.3 per cent increase that was generated in October.
Canada Inflation Rate. Image source: TradingEconomics.com
Thus, the BOC is arguably the only major central bank that now has no economic reasons to cut its interest rate, which would only make the inflation rise even higher to the point where it will no longer be sustainable.
Meanwhile, the USDCAD has rebounded from the major support level at 1.31166, and the pair is now consolidating in a tight range below the major resistance at 1.32070.
USDCAD 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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