Canadian consumer prices drop in October. Loonie gains vs USD in fx trade today. | CountingPips Forex Blog

November 21, 2008 - Forex Economic News

Canadian consumer prices drop in October. Loonie gains vs USD in fx trade today.

Canada’s consumer prices decreased in October according to data released today by Statistics Canada. The consumer price index fell to to an annual rate gain of 2.6 percent from September's 3.4 percent annual increase as gasoline prices showed a steep decline. On a monthly basis, consumer prices fell by 1.0 percent following September's 0.1 percent Canadian Dollar gains in Forex increase. Market forecasts were generally expecting the consumer price index to decline by 0.6 percent for the month to an annual rate of 3.1 percent.

Lower energy costs, including a 13.4 percent decline in gasoline prices helped contribute to the lower consumer prices.

Core consumer prices, excluding energy prices, declined by 0.2 percent in October and registered a annual increase of 1.7 percent. Market forecasts expected core consumer prices to show no change in October and register an annual increase of 1.9 percent.

CAD rises vs. USD in Forex Trading.

The Canadian dollar has gained ground against the US dollar today in forex trading after falling verses the American currency for the last three days. The USD/CAD currency pair opened trading today at 1.2843 cad per usd and has fallen to an exchange rate of 1.2808 at 12:41pm in the US trading session. Yesterday, the Canadian dollar lost approximately 280 pips against the dollar.

USD/CAD Chart - The US dollar falls vs. the Canadian dollar today in forex trading (15 Minute Chart). Yesterday, the USD gained approximately 280 pips verses the CAD.

Today's Forex Chart

tags: canadian cpi, prices, forex trading

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