Canadian dollar and business outlook

Glacier FarmMedia | MarketsFarm — The Canadian dollar was slightly softer Wednesday morning, as financial markets reacted to the latest inflation data out of the United States.

At 8:48 a.m. CST the Canadian dollar was trading at US$0.6979 or US$1=C$1.4329 which compares with Tuesday’s close of US$0.6990 or US$1=C$1.4307.

The U.S. Consumer Price Index was up by 0.5 per cent in January compared to the previous month, with annual inflation hitting 3.0 per cent. The monthly increase was the largest since August 2023 and beat market expectations.

Crude oil was softer in early trade, with West Texas Intermediate crude oil down by 1.28 per cent at US$72.38 per barrel.

The TSX was weaker, losing 91.02 points at 8:48 CST to trade at 25,540.81.