Inflation gave the rate market a breather, undershooting estimates on both headline and average core measures. But this is not a dovish report. Thus, Macklem’s finger is probably closer to the snooze button than the rate cut button.

💡See also: Mortgage Tidbits (below). Canadian rates nudged higher ahead of the most critical report of the month: domestic CPI. Bay Street expects the key inflation gauges to keep drifting apart, with a: * 1-tick slowdown in headline inflation to 1.8% (prior 1.9%) * ½-tick acceleration in average core inflation

💡See also: Mortgage Tidbits (below). Last week's Canadian macro calendar was enough to put people to sleep. On Tuesday, however, we get a wake-up call: July CPI. Traders will be locked on the data, waiting to see if Canada's price level momentum speeds up further—as

More Canadian homebuyers tiptoed into the market last month. It was enough for realtors to claim a small victory and give lenders a lift in purchase business. The sales uptick drew applause from the real estate cheering section, even though month-over-month price moves—in most markets (not all)—ranged from