Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, February 24 – The Canadian dollar was stronger in early activity on Friday, underpinned by domestic data.

At 8:52 CST Friday, the Canadian dollar was at US$0.7637 or US$=C$1.309, which compares with Thursday’s North American close of US$0.7625 or US$1=C$1.3114.

The Canadian Consumer Price Index (CPI) rose 2.1 per cent on a year-over-year basis in January, following a 1.5 per cent gain in December, Statistics Canada said in a report on Friday. The CPI marks the highest inflation the country has seen in more than two years.

The loonie was also underpinned by weakness in the US dollar. The greenback declined after investors read the minutes from a US Federal Reserve committee meeting at the beginning of the month.

The TSX was down 175.7 points at 8:52 CST Friday morning to sit at 15,605.51.