Core CPI m/m (CAD) comes in at 0.1% against 0.5% consensus

Canada’s Core CPI month over month was reported at 0.1% for July 20, 2026. This figure came in significantly below the market consensus expectation of 0.5%. The previous month’s reading for Core CPI m/m was 0.6%. The actual print represents an -80.0% surprise compared to the consensus forecast.

Following the release, the Canadian dollar showed weakness against major counterparts. AUDCAD rose 7.9 pips after 5 minutes and 5.1 pips after 15 minutes. CADCHF fell 3.6 pips after 5 minutes and 2.5 pips after 15 minutes. CADJPY declined 7.7 pips after 5 minutes and 4.5 pips after 15 minutes. EURCAD gained 14 pips after 5 minutes and 13 pips after 15 minutes. GBPCAD increased 10 pips after 5 minutes and 7.5 pips after 15 minutes. NZDCAD was up 4.6 pips after 5 minutes and 4.4 pips after 15 minutes. USDCAD rose 9.7 pips after 5 minutes and 6.8 pips after 15 minutes. Comparing these initial movements to historical data, the current reactions are generally smaller than the median 1-hour moves observed after past releases. For instance, USDCAD’s 15-minute gain of 6.8 pips is below its median 1-hour move of 16 pips, and EURCAD’s 13 pips is below its median of 23 pips.