Canadian dollar rises after inflation data

The Canadian dollar rose against most of its peers on Wednesday, following the release of upbeat inflation data.

The Canadian consumer price index rose 0.5% in May, beating forecasts of 0.4%.

The core CPI (excluding energy and food prices) rose 0.4% in May, compared to the previous reading of 0.5%.

The US Federal Reserve will conclude its meeting later today,  to decide on monetary policy and provide clarity over the future of monetary policy in the US, amid expectations to keep the interest rate between 0.0% and 0.25% unchanged. 

This comes following the recent controversy about the rise in the US inflation rate, which impacts goods and services prices.

As of 16:54 GMT, CAD/USD rose 0.2% to 0.8221, after hitting a high of 0.8226 and a low of 0.8201.