Canadian CPI for April:

  • Prior reading was 1.0%
  • Prices declined 0.2% in the month, compared to a flat reading expected
  • Core prices 1.1% y/y vs 1.2% exp
  • Core prices rose 0.1% m/m vs 0.2% expected

USD/CAD above 1.03 after the numbers. There can be no talk of rate hikes in Canada with inflation running at a paltry 0.4% per year, perhaps the opposite.

Canadian April CPI chart

Separately, Canadian wholesale sales rose 0.3% in March compared to 0.4% expected.