CIBC's Avery Shenfeld has noted the second month of the GST holiday will distort Tuesday's CPI readings downward for January, as the December print only picked up a part of the expected impact given that the holiday started in the middle of that month. But he also said it's important to remember the two core measures don't include sales tax impacts, and could actually look firmer if retailers didn't pass on all of the sales tax savings by adding to their pre-tax prices.

Shenfeld said the GST break will also be seen to have given a lift to retail sales figures for December, due next Friday. But he added with hat month's 'bump', it "may be tough to build on" in the early readings for January.

At this point, Shenfeld noted, trade and tariffs policy, rather than inflation or Q1 GDP data, is what Canadian markets are keeping a close eye on.

(Also on the CIBC calendar for release next week are January Housing Starts and December Int'l Securities Transactions data on Monday, when markets will actually be closed for a 'Family Day' holiday. Along with CPI on Tuesday, CIBC has January Existing Home Sales data due out. Then it has January Industrial Product Prices and Raw Materials data due Thursday; and Tiff Macklem, Governor at the Bank of Canada, is slated to deliver a lunchtime speech before the Mississauga Board of Trade/Oakville Chamber of Commerce on Friday.)