Canadian Dollar Holds Steady Amid In-Line US Inflation and Firm Oil Prices

The Canadian dollar traded within a narrow range against its US counterpart on [date] as data showed US inflation rising at a pace matching economist forecasts.

This outcome suggests the Federal Reserve may not need to accelerate its policy tightening, which had been a key risk for currencies like the Canadian dollar.

US consumer price index (CPI) rose 0.3% month-over-month and 3.1% year-over-year, matching consensus estimates.

Firmer crude oil prices helped limit the loonie's downside as West Texas Intermediate (WTI) crude rose by approximately 1% to near $78 per barrel.