Canadian dollar and business outlook

Glacier FarmMedia | MarketsFarm — The Canadian dollar was slightly firmer Tuesday morning.

At 8:35 a.m. CDT the Canadian dollar was trading at US$0.7237 or US$1=C$1.3818 which compares with Monday’s close of US$0.7228 or US$1=C$1.3835.

Canada’s Industrial Product Price Index was down by 0.6 per cent in September compared to the previous month, with an annual decline of 0.9 per cent, according to a report from Statistics Canada. The Raw Materials Price Index lost 3.1 per cent on the month and was down by 8.8 per cent annually.

The Bank of Canada will announce its latest interest rate decision on Wednesday, with many investors anticipating a 50-basis-point to the central bank’s overnight rate.

Crude oil was firmer, with West Texas Intermediate crude oil up by 0.69 per cent at US$71.05 per barrel.

The TSX was softer in early activity, down 47.57 points at 8:35 CDT to trade at 24,675.76.