The inflation story in Canada and the United States has not been particularly exciting for some time, and I am not in a position to argue that this will change anytime soon. I just want to update a chart that I think is extremely useful when discussing the alleged external constraint on floating currency sovereigns. As seen above, even Canada - a small floating currency sovereign with an economy highly open to external trade - has extremely limited pass-through from exchange rate movements to (consumer price) inflation.
The top panel shows two measures of core