Inflation in Canada reportedly jumped 6.8 percent in November, based on Statistics Canada's latest report just now. In general, the price of gas has started to decrease but the price is increasing at a faster rate.

November's increase in the Consumer Price Index (CPI) marked a 0.1 per cent increase from October, Statistics Canada reported, or a seasonally adjusted 0.4 per cent.

Consumer prices rose 6.9 percent in October, driven by higher fuel prices and mortgage interest costs.

Inflation is seen as still raging and on that basis it has prompted the Bank of Canada to initiate one of the most aggressive tightening policies in recent history. The central bank has raised interest rates by 400 basis points since March, taking its benchmark rate to 4.25 percent, the highest level since 2008.

The BoC recently raised its benchmark rate by 50 basis points on December 7, but signaled that the tightening. the cycle may decrease as the economy shows signs of slowing down.

The Canadian currency strengthened slightly against the US dollar with USD/CAD down 0.07% to trade at 1.3597.