Everyone trading the Canadian Dollar is likely to look forward to Friday’s consumer price index report for May. Economists expect a slight increase in inflation of 0.1% in both the monthly as well as annualized CPI. Should inflation increase as expected it will rake the annualized CPI to 2.1%, but it may not be enough to speculate on a potential increase in interest rates out of the Bank of Canada which is unlikely to act for this year. An increase in inflation could push the Canadian Dollar higher.