Canadian June CPI 1.5% y/y vs 1.4% y/y expected

Canadian inflation numbers for June

• Prior CPI was +1.5% y/y
• CPI +0.2% m/m vs +0.2% m/m prior
• CPI core 2.1% y/y vs 2.0% exp
• Core 0.0% m/m vs -0.1% exp
• Index 129.1 vs 128.9

With retail sales and inflation both a touch better than expected, that was enough to spark a 50 pip drop in USD/CAD. That seems like an overshoot in a market with no other data to focus on at the moment.