Canadian Dollar struggles to hold onto gains
The Canadian Dollar tested higher on Thursday before falling back.
Canada saw an upswing in manufacturing inflation, to little effect.
Friday’s Canadian Retail Sales print to show a flat print.
The Canadian Dollar (CAD) drove into near-term highs early on Thursday before running out of gas and settling close to the day’s opening bids. A fresh acceleration in Canadian manufacturing inflation will add further pressure to the Bank of Canada (BoC) in the face of its acceleration of rate cuts throughout 2024, but immediate market reaction was limited.
Canada’s Industrial Product Prices and Raw Material Price Index both accelerated to the top end of their near-term ranges in October, kicking inflationary pressures on the high end at the manufacturing level of the Canadian economy. Despite the whipsaw in producer inflation pressures, The CAD saw little market impact from the low-tier figure as Loonie markets await Friday’s Canadian Retail Sales print.
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