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Canadian Dollar: Inflation driven by energy – RBC - FXStreet
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Canadian Dollar: Inflation driven by energy – RBC FXStreet
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DESK NOTERBC Economics
Data Flash: Canada inflation jumps higher in April as energy prices drive headline gains
The desk views the recent jump in Canadian inflation as a bullish signal for the CAD, primarily driven by rising energy prices that led to higher headline numbers. Per the full note from RBC Economics, inflation in Canada rose notably in April, influenced significantly by surging energy costs. This inflationary pressure is likely to impact the Bank of Canada’s monetary policy outlook, possibly leading to a tightening bias which could strengthen the CAD further against major currencies. Despite a lack of immediate scheduled events that could influence market direction in the coming weeks, this data suggests positioning for a bullish CAD narrative is warranted.
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