The Canadian CPI report saw the underlying inflation measures, which is what the BoC cares most about, falling into the central bank's 1-3% target band:Trimmed Mean CPI Y/Y 2.9% vs. 2.9% expected and 3.2% prior.Median CPI Y/Y 2.6% vs. 2.7% expected and 2.9% prior.Common CPI Y/Y 2.6% vs. 2.8% expected and 2.9% prior.The market pricing saw the chances for a June rate cut rising to 48% from 40% before the data, so basically a coinflip. I'd say that the chances for a rate cut are higher than those implied by the market. We can see that USDCAD spiked to the upper limit of the average daily range after breaking above the resistance around the 1.3640 level. We might see a retracement now back into
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