Canadian Dollar sheds weight for eighth straight day
- The Canadian Dollar backslid another tenth of a percent against the Greenback.
- Despite upbeat labor data from Canada, markets deferred to the US Dollar.
- US PPI inflation cooled to flat in September, but core PPI remains an issue.
The Canadian Dollar (CAD) fell against the Greenback for an eighth consecutive trading day as markets pivot out of the Loonie in favor of the US Dollar. US Producer Price Index (PPI) inflation cooled more than expected in September, but markets noted that core PPI inflation still ticked higher for the annualized period.
Canada’s labor print did little to bolster the CAD, despite new jobs data nearly doubling forecasts. Canada’s Unemployment Rate also ticked down, flaunting market expectations of another move higher. With the Bank of Canada (BoC) broadly expected to deliver another 50 bps rate cut at its next policy meeting later in the month, markets have little reason to bid up the CAD. The Loonie is now poised for its worst week against the Greenback since March of 2023.
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