Trimmed CPI y/y (CAD) comes in at 1.8% against 2% consensus
| Pair | Now | Since publish |
|---|---|---|
| USDCAD | — | — |
Canada’s Trimmed CPI year over year was released at 1.8%, falling below the consensus expectation of 2%. This represents a -10.0% surprise against the consensus. The previous reading for the Trimmed CPI year over year was also 2%.
Following the release, the Canadian dollar saw broad weakness against major counterparts. Fifteen minutes after the data, AUDCAD traded +5.1 pips higher, while CADCHF was down -2.5 pips. CADJPY declined by -4.5 pips, and EURCAD moved up +13 pips. GBPCAD gained +7.5 pips, NZDCAD rose +4.4 pips, and USDCAD was up +6.8 pips. These initial moves are relatively small compared to historical patterns. For context, the median 1-hour move for AUDCAD after past releases has been 12 pips, for CADCHF 10 pips, for CADJPY 16 pips, for EURCAD 23 pips, for GBPCAD 24 pips, for NZDCAD 13 pips, and for USDCAD 15 pips.