Canada released the consumer price index for the month of March, where CPI rose by 1.1%, compared with the prior rise of 0.3% and nearly double expectations of 0.6%, while compared with a year earlier, CPI rose by 3.3%, compared with the prior rise of 2.2% and median estimates of 2.8%.

Core CPI, which excludes prices of food and energy, rose in March by 0.7%, compared with the prior and expected rise of 0.2%, while compared with a year earlier, core CPI rose by 1.7%, compared with the prior estimate of 0.9% and well above median estimates of 1.2%.