Canada: Annual CPI rises to 1% in November vs. 0.8% expected

• Inflation in Canada rose at a stronger pace than expected in November.
• USD/CAD clings to daily gains around mid-1.2700s after the data.

Inflation in Canada, as measured by the Consumer Price Index (CPI), rose to 1% in November from 0.9% in October, the data published by Statistics Canada showed on Wednesday. On a yearly basis, the CPI edged higher to 1% from 0.7% and came in higher than the market expectation of 0.8%.

Meanwhile, the Bank of Canada's Core CPI, which excludes volatile food and energy prices, rose to 1.5% on a yearly basis from 1% in October.

Market reaction

The USD/CAD pair showed no immediate reaction to this report and was last seen gaining 0.42% on a daily basis at 1.2750.