The USD/CAD pair falls sharply after the release of the hotter-than-expected Canadian Consumer Price Index (CPI) report for October.

The US Dollar (USD) drifted a little lower in quiet trade to start the week yesterday but scope for significant USD losses is limited currently, not least because the rise in US term rates remains hugely USD-supportive, Scotiabank’s Chief FX Strategist Shaun Osborne notes.