© Reuters.
By Ketki Saxena
Investing.com – The Canadian Dollar gained against a basket of major currencies, as a hot domestic CPI print bared back bets of a rate cut from the Bank of Canada in March.
Despite its broad based rally, the loonie gave up further ground vs. the US dollar, remaining near a one month low.
Canadian headline CPI number came in as expected, up 3.4% on an annual basis in November, and compared to November’s 3.1% reading.
However core inflation metrics proved sticky, with both core-trim and core-median inflation readings coming in above expectations. Both readings came in hotter than expected, 3.7% and 3.6% respectively.
Money markets now see a 34% chance that the BoC will start cutting interest rates in March, down from a nearly 50% chance prior to the CPI release, boosting the .
Despite the loonie’s broad based strength, the loonie continued to weaken vs. the USD, as rising Treasury…
