CANADA FX DEBT-C$ pressured by soft data; stumbles to 19-month low

22/06/2013 08:21 AST

The Canadian dollar dropped more than a cent on Friday to hit its weakest level against the greenback since December 2011 after Canadian inflation data for May came in below expectations.

A jump in natural gas prices nudged Canada's annual inflation rate up to 0.7 percent in May from a 3-1/2-year low of 0.4 percent in April, but the rate remained well below the central bank's 2 percent target, confirming there is little pressure to raise interest rates soon. The market forecast was for 0.9 percent annual inflation in May.

"That was definitely the driver this morning ... We've settled, not surprisingly. A much quieter afternoon once London packed it up for the week. But on balance, the underlying trend remains fairly bullish for the U.S. dollar," said Matt Perrier, director of foreign exchange sales at BMO Capital Markets.

"I think we'll run into some resistance as we get toward C$1.05 and C$1.0525 initially ... I wouldn't be completely surprised to see the moves start to stall a little bit."

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