❗️CAD Strengthens Ahead of CPI Data, Supported by Rising Oil Prices ❗
The USD/CAD pair retreats to 1.3710 in the Asian session, with the Canadian Dollar gaining strength from higher Crude Oil prices, which approach $77.50 per barrel. Speculation about potential OPEC production cuts in the upcoming meeting contributes to the CAD's support.
As Canada's Consumer Price Index (CPI) data is awaited, expectations suggest a year-on-year inflation rate reduction to 3.2% in October from the previous 3.8%. A decline in inflation could provide the Bank of Canada (BoC) with flexibility to maintain its 5.0% overnight rate target in the December meeting, aligning with the central bank's commitment to economic indicator influence on rate decisions.
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