Canada: Annual CPI in January rose to 2.4% vs. 2.3% as expected

• Annual core inflation in Canada ticked up to 1.8% as expected.
• USD/CAD pair continues to trade in the negative territory.

Inflation in Canada, as measured by the Consumer Price Index (CPI), in January rose to 2.4% from 2.2% in December on a yearly basis, the data published by Statistics Canada showed on Wednesday. This reading came in higher than the market expectation of 2.3%.

On a monthly basis, the CPI rose 0.3% after staying unchanged in December. Additionally, the Bank of Canada's (BoC) annual core CPI, which excludes food and energy prices, ticked up to 1.8% in the same period as expected and rose 0.4% on a monthly basis.

USD/CAD stays in red

The market reaction to this data was muted and the USD/CAD pair was last seen trading at 1.3223, down 0.25% on a daily basis.