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Canadian dollar and business outlook

| 1 min read

By Phil Franz-Warkentin

 

Glacier FarmMedia MarketsFarm – The Canadian dollar was slightly softer Tuesday morning, as annual inflation data was in line with trade expectations.

At 8:35 a.m. CST the Canadian dollar was trading at US$0.7479 or US$1=C$1.3437, which compares with Monday’s close of US$0.7443 or US$1=C$1.3436.

Canada’s consumer price index increased by 3.4 per cent on an annual basis in December, which compares with the 3.1 per cent year-on-year inflation reported in November, according to a report from Statistics Canada.

Housing starts in the country hit 249,300 units in December, according to a report from the Canadian Mortgage and Housing Corporation (CMHC), surpassing the revised 210,900 units reported the previous month.

Crude oil was firmer, with West Texas Intermediate crude oil up by 0.40 per cent at US$72.97 per barrel.

The TSX was weaker in early trade, losing 161.03 points at 8:35 CST, trading at 20,900.85 points.