Inflation eased slightly in July, but core measures remain sticky, leaving economists doubtful the Bank of Canada will change course in September.

The Canadian dollar hit its lowest in almost three weeks against its U.S. counterpart on Tuesday as oil prices fell and cooler domestic inflation data raised expectations the Bank of Canada would cut interest rates in the coming months.

Canada’s annual inflation rate fell to 2.9 per cent in January, not only much lower than Bay Street estimates, but marking a return to the Bank of Canada’s target range.

Statistics Canada will issue the Consumer Price Index (CPI) for July on Tuesday. This will attract the market's attention since it will provide the Bank of Canada (BoC) with fresh information on how inflation is changing, which they use to set interest rates.

Consumer inflation in Canada rose by less than expected in July, according to Statistics Canada, as falling gasoline prices offset price increases elsewhere.

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Air Canada flights will resume on Saturday evening, as a strike by its 10,000 cabin crew came to an end. The Canadian Industrial Relations Board (CIRB) told the airline's staff to return to work and said that an expired collective agreement would be extended until a new one was agreed.

Consumer sentiment in the United States is reaching lows not seen since the Great Recession. Will Canada be next to feel the ripple effects of the trade war?