Data from Statistics Canada showed that
Core inflation was 1.4% on an annual basis in April, which matched forecasts. In March, the rate rose to 1.3%.
On month, inflation grew 0.2% on a seasonally basis, same as forecast.
The loonie that recovered from an early low of 93.25 against the yen advanced to an 8-day high of 93.60. The next possible resistance for the loonie is seen around the 94.5 zone.
The loonie approached 1.4840 against the euro, its highest since
The loonie rose to a 3-day high of 1.0880 against the greenback, off early low of 1.0909. If the loonie rallies further, it is likely to find resistance at the 1.08 mark.
The Canadian dollar rose back to session's high of 1.0037 against the aussie, reversing from an early low of 1.0075. Further rally above that zone would help it to set a 2-month peak. The loonie may find resistance at the 0.995 level.
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