WSJ: Canadian Dollar Weaker After US Consumer Price Data
TORONTO (Dow Jones)--The Canadian dollar reversed most of its overnight gains against the U.S. dollar after consumer prices in U.S. held steady in November.
The U.S. dollar rose to C$1.0347 from C$1.0315 before data, according to data provider CQG.
The Canadian dollar gained overnight, consolidating in very low volumes, as European bond markets were largely calm. A better than expected Spanish bond auction and strong economic data from the Euro zone were seen supporting market sentiment
"Headline risk continues to be driven by Europe, this time with rumors of impending sovereign downgrades," said Eric Theoret, currency strategist at Scotia Capital in Toronto.
