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Canadian Dollar Hit Low on U.S. Inflation Data
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Overview
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The Canadian dollar weakened to a four-week low due to hotter-than-expected U.S. inflation data, leading to a rally in the U.S. dollar. The U.S. consumer prices increased more than expected, indicating that the Federal Reserve may not be ready to cut interest rates yet. The price of oil, a major Canadian export, also rose. Canadian government bond yields rose across the curve, reaching nearly their highest level since mid-December.
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How do changes in U.S. interest rates and inflation data influence the global financial markets and currency exchange rates?
How might the weakness of the Canadian dollar affect trade and exports, particularly in relation to the U.S.?
What strategies could the Canadian government employ to mitigate the impact of rising oil prices on the economy?
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