BREAKING: USDCAD dips after Canadian CPI data

01:30 PM GMT, Canada - Inflation Data for November:

• Trimmed CPI: actual 2.7% YoY; forecast 2.6% YoY; previous 2.6% YoY;

• CPI: actual 0.0% MoM; forecast 0.1% MoM; previous 0.4% MoM;

• CPI: actual 1.9% YoY; forecast 2.0% YoY; previous 2.0% YoY;

Canadian inflation unexpectedly eased to 1.9% year-over-year in November from 2.0% in October, falling below analysts' forecasts. The monthly Consumer Price Index (CPI) was flat at 0.0%, missing expectations of a 0.1% increase.

The Bank of Canada's core inflation measures remained steady, with CPI-trim at 2.7% and CPI-median at 2.6%. The deceleration in headline inflation was primarily driven by lower travel tour prices and slower growth in mortgage interest costs, which rose 13.2% compared to 14.7% in October.

Food inflation moderated slightly to 2.6% from 2.7%, while gasoline prices declined 0.5%. Excluding food and energy, core prices increased 1.9%, down from 2.3% in October. This data comes as the BoC has already cut rates by 175 basis points since June, with Governor Macklem recently signaling a more gradual approach to future rate cuts.