Median CPI y/y (CAD) comes in at 1.9% against 2.1% consensus

Canada’s Median CPI year over year was reported at 1.9%, falling below the consensus estimate of 2.1%. This represents a -9.5% surprise compared to expectations. The previous reading for the indicator was also 2.1%.

Following the release, the Canadian dollar generally weakened against major counterparts. AUDCAD rose 5.1 pips 15 minutes after the release, while its median 1-hour move after past releases is 12 pips. CADCHF fell 2.5 pips, compared to a median 1-hour move of 10 pips. CADJPY declined 4.5 pips, with a historical median 1-hour move of 16 pips. EURCAD gained 13 pips, less than its median 1-hour move of 23 pips. GBPCAD advanced 7.5 pips, which is below its median 1-hour move of 24 pips. NZDCAD increased 4.4 pips, against a median 1-hour move of 13 pips. USDCAD rose 6.8 pips, also below its median 1-hour move of 15 pips. The measured moves across these pairs so far appear relatively small compared to their historical median 1-hour movements.