Posted 1/16/2024, 10:01:37 PM
Canadian Dollar Mixed as Inflation Stays High and Geopolitics Weigh on Oil
- Canadian Dollar rose against most currencies but fell against rising US Dollar despite solid inflation data
- Annual Canadian inflation printed as expected at 3.4% in December; housing starts beat forecasts
- Bets of a Bank of Canada rate cut in March eased down to 34% chance from 46%
- US Federal Reserve officials talked down market bets of rate cuts in near future
- Geopolitical factors kept weighing down crude oil markets, affecting fossil fuel flows