The high-impact Consumer Price Index (CPI) data from Canada will be published by Statistics Canada on Tuesday at 13:30 GMT.
Inflation in Canada, as measured by the change in the Consumer Price Index , softened to 2.9% on a yearly basis in January from 3.4% in December, Statistics Canada reported on Tuesday. This reading came in below the market expectation of 3.3%. On a monthly basis, the CPI was unchanged, compared to analysts' estimate for an increase of 0.4%. The annual Core CPI, which excludes volatile food and energy prices, was up 2.4% in the same period, down from 2.6% recorded in December.
0% inflation is likely to be slow,” Mackem said, warning that “risks remain, as shelter prices are now the biggest contributor to above-target inflation.” How could the Canada CPI data affect USD/CAD? The Canadian Dollar is consolidating its recovery from two-month lows of 1.3586 against the US Dollar heading toward Tuesday’s CPI showdown.
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