Core CPI y/y (CAD) comes in at 2.3% against 2.1% consensus

Canada’s Core CPI y/y was released today, August 17, 2026, at 2.3%. This figure came in above the consensus expectation of 2.1% and also exceeded the previous reading of 2.1%. The actual print represented a 9.5% surprise relative to the consensus forecast.

Following the release, the Canadian dollar saw varied movements against major pairs over the first 15 minutes. USDCAD moved down 4.7 pips, while AUDCAD also declined by 4.7 pips. EURCAD was down 2.1 pips, GBPCAD was down 3.2 pips, and NZDCAD moved down 2.7 pips. CADCHF saw an increase of 0.6 pips, and CADJPY rose by 4.2 pips. These initial moves are relatively small when compared to the typical 1-hour median moves observed after past Core CPI releases. For instance, USDCAD typically sees a median 1-hour move of 15 pips, and CADJPY a median 1-hour move of 16 pips.