Core CPI y/y (CAD) comes in at 2.1% against 1.9% consensus
| Pair | Now | Since publish |
|---|---|---|
| USDCAD | — | — |
Canada’s Core CPI year over year was released today, July 20, 2026, at 2.1%. This figure came in above the consensus expectation of 1.9%, representing a 10.5% surprise against the forecast. The previous month’s reading for Core CPI y/y was 2.2%.
Following the release, the Canadian dollar showed a broad weakening against major counterparts. Fifteen minutes after the data, USDCAD traded +6.8 pips higher, while EURCAD was up +13 pips and GBPCAD gained +7.5 pips. AUDCAD rose +5.1 pips, and NZDCAD was up +4.4 pips. Conversely, CADCHF was down -2.5 pips and CADJPY fell -4.5 pips. These initial moves are generally smaller than the median 1-hour moves observed after past Core CPI releases. For instance, USDCAD’s median 1-hour move is 16 pips, and EURCAD’s is 23 pips.