- Annual inflation in Canada declined from 4.4% in April to 3.4% in May.
- USD/CAD rises after Canadian and US economic data to fresh high above 1.3160.
Annual inflation in Canada, as measured by the Consumer Price Index (CPI), declined to 3.4% in May from 4.4% in April, Statistics Canada reported on Tuesday. This reading came in line with market expectations. On a monthly basis, CPI rose 0.4% in May, compared to analysts' estimate of 0.5%.
Additionally, the Bank of Canada's Core CPI, which excludes volatile food and energy prices, dropped to 3.7% on a yearly basis from 4.1% in April, below the 3.9% of market consensus
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