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Canadian Inflation Moves Up; Oil Weighs CAD Down

Published March 24, 2017
  • Canadian Core Consumer Price Index showed a better reading than expected at 0.4% versus 0.1% while overall CPI fell to 0.2% from a reading of 0.9% last month; US Durable Goods orders beat expectations
  • USD/CAD is higher this morning due to lower oil prices which are on track for weekly losses of nearly 3%; this will mark the third consecutive weekly decline for the commodity as persistent oversupply worries weigh down prices
  • Language from Federal Reserve officials Robert Kaplan and Neel Kashkari yesterday indicated that the Fed plans to reduce its $4.5 trillion balance sheet as soon as possible; the Fed seems to be sticking with its initial plan of two more rate hikes this year while focusing attention on other monetary policy tools
  • The markets will again focus on Washington today; US President Donald Trump issued an ultimatum to House Republicans yesterday insisting that they either vote for Trump’s new healthcare bill or be stuck with Obamacare
  • The effectiveness of this ultimatum from Trump will play a part in driving US dollar and stock index market sentiment; the Dow Jones Industrial Average has dropped over 200 points this week as investors adjust expectations for the Trump agenda on tax cuts and infrastructure