US: Producer Price Index (YoY) (Feb): 1.7%; 0.7% (MoM)

Strong US retail sales report yesterday boosted the USD/CAD, but it failed to even approach the upper end of the March range. "The lack of follow through on a very solid US data release is another piece of evidence (on top of the less hawkish BoC) that the market is more geared toward a pullback now", wrote analysts Shaun Osborne and Greg Moore, expecting the US CPI to be USD/CAD-positive.