Canada is taking Monday off for a long weekend as the nation observes Remembrance Day.
Overall market sentiment is fairly bullish, but lackluster CAD is struggling to gain ground against the safe haven US Dollar.
Loonie traders will have to wait until next week’s Canadian Consumer Price Index (CPI) inflation update for any hope of CAD-centric data drivers to push markets in either direction.
US CPI inflation due this Wednesday will likely push additional volume into Greenback flows.
Despite waffling inflation figures, an easing CPI print is unlikely to bolster the Loonie: lackluster economic figures in Canada amid deflating inflation figures has the Bank of Canada (BoC) scrambling to cut rates at an accelerated pace, but the lead-in time required for rate cuts to have an effect has left investors wondering if its too little, too late from the Canadian central bank.
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