Canada’s January CPI came in slightly weaker than expected, falling -0.3% month on month for an annual inflation rate of +1.1% (versus median forecasts of -0.2% and +1.2% repectively.) The decline in prices came against a backdrop of sharply falling vehicle prices. The data will put further pressure on the BOC to cut rates next month. Meanwhile USD/CAD is marginally easier on the day, presently at 1.2595 having opened up in Europe around 1.2615.