The Canadian dollar experienced a surge in value on August 17th after Statistics Canada released its July CPI report, which revealed that headline inflation accelerated to 3.0% YoY, surpassing forecasts.
The increase was largely driven by rising gasoline and travel costs, but core metrics remained relatively subdued.
In response, the USD/CAD pair declined by about 0.2% to 1.3850 on the day.
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