Canada’s headline inflation is expected to rise to 3% in May, up from 2.8% in April. Traders are closely monitoring the upcoming data release alongside scheduled speeches from the Bank of Canada and Federal Reserve governors. Canadian stock index futures fell as the hot inflation data and shifting interest rate expectations dampened market sentiment.
Canadian stock futures fell as persistent inflation pressures and shifting Federal Reserve interest rate expectations dampened investor sentiment across North American markets.
Read the full storyTraders eye Canadian inflation data and key speeches from BoC's Macklem and Fed's Waller to determine if the USD/CAD upward trend can be sustained.
Canada’s headline inflation is forecast to hit 3% in May due to energy costs, while core metrics are expected to remain stable near the central bank's target.