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Prices in Canada aren’t rising – CPI hasn’t changed in December and Core CPI dropped by 0.3%. This was lower than the already low expectations. This reduces the chances for a rate hike in Canada. The Canadian dollar retreats against the US dollar.

USD/CAD now approaches parity once again after sitting at around 0.99 early in the day. The rise began before the release of the inflation figures, and is accelerating afterwards.