Canada released the consumer price index for the month of May, where CPI rose by 0.7% compared to the prior rise of 0.3% and well above estimates of 0.3%, while compared with a year earlier, CPI climbed at 3.7% from the prior 3.3% and forecasted as well.

Core CPI rose in May by 0.5%, compared with the median estimated and the prior rise of 0.2% while compared with a year earlier, core CPI rose by 1.8 percent up from April's 1.6% and the 1.5% forecasted.