Canadian CPI Boosts Loonie, Yet Overshadowed by Sterling's Strength - Action Forex

Canadian Dollar jumps against US Dollar in early US session. The move is primarily attributed to Canada's CPI data, which came in stronger than anticipated, signaling persistent inflationary pressures. Despite this uptick, CAD is not leading the pack, as it faces stiff competition from others, including the buoyant Sterling. Pound's significant rise can be traced back to hawkish statements made by the new deputy governor of BoE. These comments have infused upward momentum into the currency, leading to its appreciation not just against Euro and Swiss Franc as well.