RMPI m/m comes in at -6.9% against 3% consensus

The Canadian Raw Materials Price Index (RMPI) month over month for July 2026 was released today at -6.9%. This figure significantly missed the market consensus expectation of 3%, resulting in a surprise of -330.0%. The previous month’s reading was 0.7%.

Following the release, the Canadian dollar showed weakness against major pairs. USDCAD rose 10 pips within 5 minutes and 15 pips after 15 minutes. This move is comparable to the median 1-hour move of 10 pips observed after past USDCAD releases. EURCAD gained 6.0 pips at 5 minutes and 8.0 pips at 15 minutes, while GBPCAD was up 5.0 pips at 5 minutes and 8.5 pips at 15 minutes. CADJPY fell 8.6 pips within 5 minutes and 12 pips after 15 minutes, a move that is larger than its median 1-hour move of 10 pips. CADCHF declined 3.9 pips after 15 minutes, a relatively small move compared to its median 1-hour move of 6 pips. AUDCAD saw a gain of 0.1 pips after 15 minutes, and NZDCAD rose 3.2 pips after 15 minutes, both relatively small compared to their respective median 1-hour moves of 8 pips.