Canada April CPI 2.7% versus 2.7% expected

• Prior month 2.9%
• CPI MoM 0.5% vs 0.6% estimate

Core measures

• CPI Bank of Canada core y/y + 1.6% vs 2.0% prior
• CPI Bank of Canada core m/m 0.2% versus 0.5% prior
• Core CPI MoM SA 0.0% vs 0.1% prior (revised to 0.2%)
• Trim 2.9% versus 3.2% prior (was expected at 3.1%)
• Median 2.6% versus 2.9% prior (revised from 2.8%)
• Common 2.6% versus 2.9% prior
• full report click here

From the Canada Statistic office:

The Consumer Price Index (CPI) rose 2.7% on a year-over-year basis in April, down from a 2.9% gain in March. Broad-based deceleration in the headline CPI was led by food prices, services and durable goods.

The deceleration in the CPI was moderated by gasoline prices, which rose at a faster pace in April (+6.1%) than in March (+4.5%). Excluding gasoline, the all-items CPI slowed to a 2.5% year-over-year increase, down from a 2.8% gain in March.

On a monthly basis, the CPI rose 0.5% in April, mainly driven by prices for gasoline. On a seasonally adjusted monthly basis, the CPI rose 0.2% in April.

Gasoline is a big influence again, but the big gains from last year continues to trickle to the downside. .

The USDCAD has moved higher after the news and treads back above its 200 hour moving average 1.3646. Is currently trading at new at session highs at 1.36558.

This article was written by Greg Michalowski at www.forexlive.com.