Daily digest market movers Canadian Dollar scrambles back from the brink

The Canadian Dollar added back another third of a percent on Tuesday, dragging bids decisively back below the 1.4000 handle on the USD/CAD chart.

Headline Canadian CPI inflation accelerated to 2% YoY in October, accelerating from the previous three-year low of 1.6% and outpacing the forecast of 1.9%.

The BoC’s core CPI inflation measure also accelerated on an annualized basis, coming in at 1.7% YoY versus the previous period’s 1.6%.

Headline CPI inflation rose to 0.4% MoM in October after September’s -0.4% contraction. Median market forecasts called for a 0.3% print.

Except for Retail Sales figures due on Friday, Canada is functionally done with impactful releases for this week.