Canadian April Inflation goes marginally higher
Headline CPI for the month of April was out at 0.4% in line with previous but higher than the expected 0.3%. The Yearly equivalent was out at 2.0% also higher than the previous and expected 1.9%.
At the core inflation was marginally higher as well. The monthly reading came out at 0.4% (prev 0.3% and cons. 0.2%) while the yearly figure was out at 2.0% (prev & cons. 1.9%).
The USD/CAD slipped to lows of 1.0138, as the CAD gathered strength, just after the release. BoC governor comments last month suggested that it may become appropriate to raise policy rates on the back of stronger than expected growth and inflation.
The higher than expected reading gave the loonie some initial support.
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