# Canada's inflation rate unexpectedly holds steady, market trims rate cut bets

> Canada's annual inflation rate unexpectedly held at 3.1% in November, according to the data released by Statistics Canada. The report lifted the Canadian dollar slightly against the U.S. dollar.

- Date: 2023-12-19 · published 2023-12-19T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/32943-canada-s-inflation-rate-unexpectedly-holds-steady-market-trims-rate-cut-bets
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A hotter-than-expected inflation print reduces the chance of near-term Bank of Canada rate cuts, supporting the loonie and marginally tightening financial conditions for Canadian and US-linked commodity trade.

## Read by commodity

- USDCAD: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/markets/rates-bonds/canadas-inflation-rate-unexpectedly-holds-31-november-2023-12-19/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.