The Canadian consumer price index for April is released at 8:30 a.m. ET on Tuesday, said Scotiabank.
The bank has estimated a 1% month-over-month non-seasonally adjusted rise, with consensus at 0.7% and with a range from 0.6-1.0%, but the consensus is somewhat "thin." There is a reasonable range from 0.5-1.0%, it added.
Key may be "breadth" and whether the trimmed mean and weighted median CPI gauges continue to build traction in month-over-month seasonally adjusted annual rate terms after a prior soft patch, according to Scotiabank.
The Bank of Canada's hawkish scenario in the April Monetary Policy Report, which was predicated on higher for longer oil prices, is getting a boost from higher for longer oil prices, recalls Scotiabank.