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TORONTO, Nov 19 - The Canadian dollar strengthened for a second day against its U.S. counterpart on Tuesday as hotter-than-expected domestic inflation data spurred investors to reduce bets on another outsized interest rate cut from the Bank of Canada.
"This was a relatively hotter inflation report that tentatively scaled back the probability of upsizing December's likely rate cut but with further important developments still ahead," Derek Holt, head of capital markets economics at Scotiabank, said in a note.Money markets see a 23% chance the BoC would cut interest rates by half a percentage point at its next policy decision on Dec. 12, down from 38% before the data.
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