Canada Inflation Surges to 3% Year-Over-Year in July

The Canadian Consumer Price Index (CPI) rose by 3% year-over-year in July, surpassing market expectations and increasing from June's 2.8% annual gain.

On a monthly basis, prices increased by 0.5%, while the Bank of Canada's core measure rose 2.3% over the past year, up from 2.1% previously.

The Canadian Dollar (CAD) strengthened against major currencies, with USD/CAD challenging its key 200-day Simple Moving Average (SMA) in the mid-1.3800s.