Canada CPI for May NSA 0.4% vs 0.5% est. Core 0.3% vs 0.3% est.

17 June 2016, 15:08
Sherif Hasan
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YoY 1.5% vs 1.6% est. Core YoY 2.1%  vs. 2.1%

Canada CPI NSA for the month of May came in at 0.4% vs 0.5% estimate. The YoY came in at 1.5% vs. 1.6% est and 1.7% last month.  So each was 0.1% weaker than expectations.

The core numbers came in as expected at 0.3% and 2.1% respectively. The YoY core is lower than the 2.2% from April. The chart above shows the trend in the Core YoY CPI. For the year the number is higher but coming off the high (from April).

In trading the USDCAD  has moved higher (about 20 pips from low to high) in reaction to the 8:30 AM numbers. The pair was pushing to new session lows before the numbers ( US Building permits and Housing starts were mixed with revisions).  In the fall, the price fell below the 100 hour MA at 1.2885 level which may have contributed to stops being triggered. It was the first fall below the level this week (last time below was on Friday. The pair is trading right at the level now (after moving above on the data).


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