Canadian Dollar Rallies on Hotter-Than-Expected Inflation Data
• Canadian dollar strengthens on higher-than-expected inflation reading for November • Core inflation measures also remain elevated, reducing expectations for Bank of Canada rate cuts • Investors now see only 40% odds of a March rate cut, down from 50% previously • Bank of Canada reiterated concerns about inflation in latest meeting while noting economic slowdown • Loonie gets added support from higher oil prices and broad USD weakness