Median CPI y/y (CAD) comes in at 2% against 1.9% consensus

Canada’s Median CPI year over year was reported at 2%. This figure came in above the consensus expectation of 1.9%, representing a 5.3% surprise against the forecast. The previous month’s reading for Median CPI y/y was also 1.9%.

Following the release, the Canadian dollar showed varied movement against major pairs. AUDCAD was down 4.7 pips 15 minutes after the release, while CADCHF was up 0.6 pips and CADJPY was up 4.2 pips. EURCAD declined 2.1 pips, GBPCAD fell 3.2 pips, NZDCAD was down 2.7 pips, and USDCAD decreased by 4.7 pips over the same period. These initial moves are relatively small when compared to the typical 1-hour median moves for these pairs, which range from 10 pips for CADCHF to 24 pips for GBPCAD after similar past releases.