Bank of Canada's Macklem: We see further declines in inflation ahead

BOC Macklem is testifying before the House of Commons standing committee on finance:

• After inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term fell to 4.3% in March, says we see further declines ahead.
• we’ve seen a steady improvement in inflation and modest economic growth
• forecast inflation to be around 3% this summer
• To continue inflations decline will need Inflation expectations to come down further, services price inflation and wage growth needs to moderate, and corporate pricing behaviour has to normalize.
• If monetary policy is not restrictive enough to get us all the way back to the 2% target, we are prepared to raise the policy rate further to get there.
• Past policy rate increases are working their way through the economy and restraining demand.
• Households are slowing their spending, particularly on big-ticket items.
• As mortgages are renewed at higher rates, more households will feel the restraining effects of monetary policy.
• We expect it will take until the end of 2024 to get inflation all the way back to the 2% target.
• we continue to be more concerned about the upside risks.

You can watch his testimony by CLICKING HERE

The USDCDAD is trading above and below the 100 hour MA over the last 5 hourly bars (at 1.33789). On the topside is the 200 day MA near 1.3400. Move above is more bullish with the 200 hour MA at 1.34355 as the next upside target.