Monday (May 19)
Markets closed for Victoria Day – nothing scheduled.
Tuesday (May 20) – CPI day
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GoC bill auctions: 3-mth C$17.6 bln, 6-mth C$6.2 bln, 1-yr C$6.2 bln.
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08:30 ET – April CPI (consensus)
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Headline m/m -0.2 % (prior +0.3 %)
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Headline y/y 1.6 % (prior 2.3 %)
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Core Median y/y 2.9 % (prior 2.9 %)
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Core Trim y/y 2.8 % (prior 2.8 %)
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I think the Bank of Canada will be more-focused on the core measures here but the headline will certainly give them cover to cut. Right now the market is pricing in a 64% chance rates are lowered by 25 bps.
Wednesday (May 21)
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GoC auction: C$3 bln 30-yr Canadas reopening.
Thursday (May 22)
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08:30 ET – April producer prices
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Industrial product prices m/m (prior +0.5 %)
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Raw materials prices m/m (prior -1.0 %)
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15:15 ET – BoC Deputy Gov. Toni Gravelle – text & audience Q&A could shift June odds.
Friday (May 23) – Retail wrap-up
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08:30 ET – March retail sales (consensus)
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Headline m/m -0.3 % (prior -0.4 %)
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Ex-auto m/m – no consensus yet (prior +0.5 %)
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USD/CAD looks to be wrapping up the week just below 1.40.
This article was written by Adam Button at www.forexlive.com.
