Canada CPI m/m comes in at -0.4% against 0.6% consensus
| Pair | Now | Since publish |
|---|---|---|
| USDCAD | — | — |
Canada’s Consumer Price Index month over month (CPI m/m) for July 2026, released today at 12:30 UTC, registered -0.4%. This figure significantly missed the market consensus of 0.6%, representing a -166.7% surprise. The previous month’s reading was 1%.
Following the release, the Canadian dollar generally weakened against major counterparts. Fifteen minutes after the data, USDCAD was up 6.8 pips, EURCAD was up 13 pips, and GBPCAD was up 7.5 pips. AUDCAD gained 5.1 pips, and NZDCAD rose 4.4 pips. Conversely, CADCHF was down 2.5 pips, and CADJPY was down 4.5 pips. These initial moves, measured 15 minutes post-release, are generally smaller than the median 1-hour moves observed after past CPI releases. For example, USDCAD’s 6.8 pip move compares to a median 1-hour move of 17 pips, while EURCAD’s 13 pip gain is against a median 1-hour move of 24 pips.