The Canadian Dollar weakened significantly against the American counterpart, after the country’s economic data missed expectations. Following the release, the USD/CAD jumped 53 base points or 0.43% to proceed strengthening to touch the intraday peak of 1.2351.
Statistics Canada revealed that the headline CPI for the country climbed 0.1% over the course of August, below expectations for a 0.2% gain, while the yearly rate increased 1.4% in the same period. Another report showed that Canadian retail sales rose more than anticipated 0.4% in July, as consumers spent more on cars, food and alcohol. Though, some disappointing data in the future could be to the detriment of Canadian dollar and BoC rate hike forecasts.
