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Forex News: Canadian Dollar Strengthens As Consumer Prices Rise Unexpect

Canadian Dollar Strengthens As Consumer Prices Rise Unexpectedly

12/18/2019 - 09:38:00 (RTTNews)

(RTTNews) - The Canadian dollar spiked up against its key counterparts in the European session on Wednesday, after a data showed that the nation's consumer price inflation unexpectedly improved in November.

Data from the Statistics Canada showed that inflation rose 0.1 percent on a seasonally adjusted monthly basis in November, following a 0.3 percent increase in October. Economists had expected a 0.1 percent drop.

Core inflation came in flat on month, compared to a 0.2 percent uptick in the previous month.

On year, inflation rose 2.2 percent in November, after a 1.9 percent rise in the previous month. The rate matched economists' forecasts.

The loonie held steady against its major counterparts in the Asian session, except the euro.

The loonie rose to a 2-day high of 1.3140 against the greenback and near a 2-week high of 1.4605 against the euro, from its previous lows of 1.3176 and 1.4681, respectively. The loonie is seen finding resistance around 1.30 against the greenback and 1.44 against the euro.

Reversing from an early 2-day low of 83.06 against the yen, the loonie climbed to a 2-day high of 83.39. The loonie is poised to challenge resistance around the 85.00 mark.

The loonie climbed to near a 2-week high of 0.9002 versus the aussie, off an early low of 0.9021. If the loonie strengthens further, it is likely to test resistance around the 0.89 region.

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