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Canadian dollar flying after good data

USDCAD News by Newsroom on : , EST
The loonie started its abrupt ascent last week but it is confirming its strength this week. Data released this morning helps even further its climb.

Retail sales and CPI were better than anticipated in the North American country. Core retail sales increased by 2% in the previous month, way above the 0.7% expected. CPI was inline with expectations at 0.6% and, considering how weak inflation is in the western world at present, it is a very remarkable figure.

Meanwhile, in the US CPI was released too and it came at 0.2% as expected.

The Canadian dollar remains strong versus most currencies at the moment and USDCAD is lingering in the 1.21 area after reaching a multi year high just last month at 1.28.