Canada: Raw Materials Price Index surges by 16.4% in May

• Raw Materials Price Index in Canada rose more than expected in May.
• USD/CAD trades with modest daily losses near 1.3670. 

"Prices for raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), increased 16.4%, mainly on higher crude oil prices," Statistics Canada reported on Monday.

This reading followed April's decline of 13.4% and surpassed the market expectation for a fall of 7.5% by a wide margin.

Further details of the publication revealed that the Industrial Product Price Index (IPPI) rose by 1.2% in the same period.

Market reaction

The USD/CAD pair edged slightly higher after these figures and was last seen trading at 1.3672, losing 0.12% on the day.