According to the data published by Statistics Canada, inflation in April, as measured by the Consumer Price Index, rose 0.4% and 2% on a monthly and yearly basis, respectively, to come in line with analysts' estimates.
However, the Bank of Canada's core CPI, which excludes volatile food and energy prices, came in at 1.5% annually to fall short of the market expectation of 1.8%.
The USD/CAD pair rose modestly with the initial reaction to the data and was last up 0.22% on the day at 1.3488.
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