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On Tuesday, Canada’s annual inflation rate dropped to 2.5% in July, aligning with expectations. Despite this, the Canadian dollar weakened slightly, though USD/CAD slipped 0.1% to close at 1.3620, which was influenced by the significant weakness in the U.S. dollar due to expectations of a potential interest rate cut.
(USD/CAD Daily Price Chart)
The current inflation rate is now the nearest to the Canadian central bank’s 2% target since it reached 2.2% in March 2021, a time when prices started climbing roughly a year after the onset of the coronavirus pandemic.
The Bank of Canada has already reduced its policy rate in the last two meetings, lowering it from 5% to 4.5%. As a result, markets anticipate another 25-basis point cut at the upcoming rate announcement on September 4, with the possibility of three additional 25 basis point cuts by year-end. Many economists are also forecasting a similar rate reduction path, which could bring the benchmark rate down to 3.75% by the end of the year.
(Benchmark interest rate and year-on-year change in CPI inflation)
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Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission "FSC" of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.
HuaPrime EU Ltd, registered number HE423188, and with a business address at Georgiou Griva Digeni 122A, Kallinicos Court, Shop 1—Upper level, Neapolis, 3101 Limassol, Cyprus, is regulated by the Cyprus Securities and Exchange Commission, which has CIF license number 426/23.
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