Canadian Financial Close: C$ falls Wednesday

Glacier FarmMedia | MarketsFarm  — The Canadian dollar was softer on Wednesday, hitting its weakest level in four-and-a- half years relative to its United States counterpart.

The Canadian dollar settled at US$0.7153 or US$1=C$1.3980 on Wednesday, which compares with Tuesday’s close of US$0.7172 or US$1=C$1.3944.

Solid inflation data out of the U.S., with consumer prices up by 2.6 per cent on an annual basis in October, was seen highlighting diverging economic growth expectations between Canada and the U.S.

Crude oil was softer, with West Texas crude oil down by 0.19 per cent at US$67.99 per barrel.

The TSX Composite Index was up by 66.01 points to close at 24,989.02 points.