Details of the November 2015 Canadian CPI data report 18 December 2015

  • Prior 1.0%
  • -0.1% vs +0.1% exp m/m. Prior +0.1%
  • BOC core 2.0% vs 2.3% exp. Prior 2.1%
  • -0.3% vs 0.0% exp m/m. Prior 0.3%

Don't be fooled by the miss on expectations. CPI still rose 4pp from Oct y/y. The core miss takes some shine off but it's still around the BOC target, if they choose to spin things that way

USDCAD shot up to 1.4001 from 1.3925

Energy was -0.1% vs -1.8% prior m/m and services dropped 0.4% from flat prior

Any other time I would have pegged these numbers as supportive for CAD but when dealing with the currency these days you've got to have eyes everywhere. WTI has lost a quick 40 odd ticks, and the USD is picking up a head of steam

Canadian CPI y/y