Check out the USD/CAD-Canadian CPI in the spotlight shortly at 1.30pm GMT

At 1.30pm GMT the latest Canadian Consumer Price inflation will pretty much have sole rights on North American data release agenda this afternoon. There is one US release to note though at the same time and that is the January Philadelphia Fed non-manufacturing index. Turning back to the Canadian CPI, the markets expect annualised CPI to remain unchanged at 1.9% in December. However, the December monthly figure is expected to show a sharp decline, of 0.4% compared to a flat reading in November. The recent price action in the USD/CAD since the start of this week has been covered here a couple of times and right now it is still trading mostly sideways ahead of the release. To remind the reader the range since yesterday has been covered by 1.4261 to 1.4516. It is currently trading at 1.4443 and unless there is something major to report after the release of this data, another update will not follow here