Canadian dollar hits five-week low on soft CPI data
The Canadian dollar fell to 1.3750 per U.S. dollar after April inflation rose to 2.8%, missing the 3.1% forecast. This data led markets to scale back expectations for further interest rate hikes by the Bank of Canada while the U.S. dollar gained ground.
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Canada's dollar fell 0.1% to 1.3750 per United States dollar on Tuesday midday after inflation data missed analyst forecasts. The USD/CAD pair touched a five-week low of 1.3773 as April CPI rose 2.8%, trailing the 3.1% consensus. Cooling underlying price pressures reduced market expectations for further interest rate hikes by the Bank of Canada this year.
