Canadian dollar and business outlook

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar was softer Tuesday morning, as inflation in the country slowed over the past month.

At 8:39 a.m. CST the Canadian dollar was trading at US$0.7402 or US$1=C$1.3510, which compares with Friday’s close of US$0.7416 or US$1=C$1.3484.

Canada’s annual rate of inflation fell to 2.9 per cent in January after hitting 3.4 per cent in December, according to a report from Statistics Canada. On a seasonally adjusted monthly basis the consumer price index was down by 0.1 per cent in January, marking the first decline since May 2020.

Crude oil was firmer in early trade, with West Texas Intermediate crude oil up by 0.73 per cent at US$79.77 per barrel.

The TSX was slightly weaker, losing 5.58 points at 8:39 CST to trade at 21,250.03 points.