BREAKING: CAD sees little reaction to upbeat inflation data

• Canada’s annual inflation fell to 7.60 %YoY in July from the 39-year high of 8.1% in June, in line with market expectations.
• Prices decelerated sharply for gasoline (35.6% vs 54.6% in June), while inflation continued to pick up for groceries (9.9% vs 9.4%). Excluding gasoline, the CPI rose by 6.6% annually. 
• On a monthly basis, consumer prices rose 0.1% higher, the slowest rise since December 2021.
• Core consumer prices in Canada decreased to 6.10% in July from a record 6.2% YoY in June.

USDCAD saw a relatively small reaction to today’s inflation data release. Currency pair continued to trade around 1.2900 level. Source: xStation5