Canadian dollar and business outlook

Glacier FarmMedia | MarketsFarm — The Canadian dollar was weaker Tuesday morning, as losses in crude oil and soft inflation data weighed on the currency.

At 9:05 a.m. CDT the Canadian dollar was trading at US$0.7241 or US$1=C$1.3810, which compares with Friday’s close of US$0.7267 or US$1=C$1.3761. Canadian markets were closed Monday for Thanksgiving.

Canada’s annual rate of inflation slowed to 1.6 per cent in September, from 2.0 per cent the previous month, according to a report from Statistics Canada. That marked the smallest year-on-year increase in the Consumer Price Index since February 2021.

Crude oil was down sharply on reports Israel would not target Iranian crude infrastructure. West Texas Intermediate crude oil was down by 4.75 per cent at US$70.32 per barrel.

The TSX was weaker, losing 72.08 points at 9:05 CDT to trade at 24,399.06.