Canadian Dollar Declines As Inflation Slows
20 December 2014 - 1:14AM
RTTF2
The Canadian dollar drifted lower against its major rivals in
European deals on Friday, as Canada's consumer price growth slowed
in November, primarily due to fall in gasoline prices.
Data from Statistics Canada showed that Canada's consumer prices
grew 2.0 percent on year, following a 2.4 percent growth a month
earlier. This is also down from the expected 2.2 percent rise.
On month, the CPI fell 0.4 percent, sharper than expectations
for 0.2 percent slide. In October, the CPI edged up 0.1
percent.
Core CPI came in at 2.1 percent, after advancing 2.3 percent in
October. Economists were expecting an increase of 2.4 percent.
The core CPI fell unexpectedly to 0.2 percent on month, from 0.3
percent increase last month. The index was seen rising by 0.1
percent.
The loonie declined to 1.1632 against the greenback, after
having advanced to a 2-day high of 1.1566 at 12:00 am ET. The next
possible support for the loonie is seen around the 1.17 mark.
After advancing to a 9-day high of 1.4202 against the euro in
European deals, the loonie reversed direction with pair trading at
1.4290. Continuation of the loonie's downtrend may see it
challenging support near the 1.44 mark.
The loonie that advanced to a 1-week high of 103.21 against the
yen at 1:30 am ET eased off and was worth 102.40. If the loonie
extends slide, 100.00 is seen as its next support level.
The loonie edged down to 0.9510 against the aussie, off early
high of 0.9445. Next key support for the loonie may be found around
the 0.96 area.
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