The holiday-shortened week comes to life today with the US and Canada back from holidays.
The agenda is light owing to a lack of US economic data and Fed speakers but Canada is out with some top tier data at the bottom of the hour. January CPI is expected up 0.4% m/m and 3.3% y/y.
Last month's report was a mixed bag with the core numbers running mostly higher but the overall trend has continued to improve. The market is pricing in a 19% chance of a cut at the March meeting, steadily rising up to a full cut priced in for the July 24 meeting. Expect that to shift based on today's data.
USD/CAD was last at 1.3479.