1016 ET - Canada's July CPI report might shift the Bank of Canada's balance of risks toward a hawkish tilt, given that headline inflation is back at 3%, or the top end of the central bank's inflation-targeting range, says Jay Zhao-Murray, chief economist at research firm Sibley Creek. "Interest rates could rise in the coming months if inflation persists above 3%," Zhao-Murray says, "but for now, the central bank can dismiss it as a temporary pick-up." BOC sets rate policy to achieve and maintain 2% inflation. He adds breadth was moderate, as five of the eight components tracked by Statistics Canada accelerated in July.