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Canadian dollar and business outlook

| 1 min read

Glacier FarmMedia | MarketsFarm — The Canadian dollar was stronger Monday morning.

At 8:54 a.m. CDT the Canadian dollar was trading at US$0.7175 or US$1=C$1.3937 which compares with Friday’s close of US$0.7154 or US$1=C$1.3979. Canadian markets were closed Monday for Victoria Day.

Canada’s consumer price index was up 1.7 per cent on an annual basis in April, which compares the 2.3 per cent year-on-year growth reported the previous month, Statistics Canada reported. Lower energy prices, which fell 12.7 per cent in April, were behind the slowdown. Excluding energy, the CPI was up 2.9 per cent from 2.5 per cent in March.

The TSX was stronger in early activity, up 62.80 points at 8:54 CDT to trade at 26,034.73.

Crude oil was weaker, with West Texas Intermediate crude oil down by 0.26 per cent at US$62.53 per barrel.