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Canadian CPI Rises to 30 Year High (5.7%), Beating Estimates

Canadian CPI Rises to 30 Year High (5.7%), Beating Estimates

Richard Snow, Analyst

Canadian inflation Reaches 5.7%, Core at 4.8%

Inflation continues to soar in Canada ahead of the April Bank of Canada meeting in April where a 25-basis point hike is all but guaranteed.

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Later today, the Jerome Powell will address the public regarding what is likely to be a 25-basis point hike among other concerns like the situation in Ukraine. Additionally, the eagerly awaited Fed dot plot and economic projections are due for release later today. The dot plot maps out the path for future rate hikes.

Likewise, In April the Bank of Canada is set to follow suit as the major central banks begin the rate hiking process in an attempt to calm rampant, energy-induced inflation.

Implied Probabilities of BoC Rate Hike

Source: Refinitiv, prepared by Richard Snow

USD/CAD simply continued the daily decline after the CPI print. Elsewhere, the EUR/CAD dropped but then recovered to similar levels soon after. The next major event is the FOMC meeting tonight which is likely to add volatility across a number of FX pairs.

USD/CAD Daily Chart

Source: IG, prepared by Richard Snow

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--- Written by Richard Snow for

Contact and follow Richard on Twitter: @RichardSnowFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.