Canadian Financial Close: C$ softens Thursday

Glacier FarmMedia — The Canadian dollar was slightly weaker on Thursday, as broad strength for the United States dollar internationally weighed on values. Positioning ahead of the June interest rate decision from the Bank of Canada accounted for some of the activity.

The Canadian dollar settled at US$0.7210 or US$1=C$1.3870, which compares with Wednesday’s close of US$0.7221 or US$1=C$1.3848.

Statistics Canada reported the country’s Industrial Product Price Index declined 0.8 per cent in April compared to the previous month but was up 2.0 per cent annually. The Raw Materials Price Index was down 3.0 per on the month and 3.6 per cent on the year.

Crude oil was weaker, with West Texas crude oil down by 1.32 per cent at US$60.76 per barrel.

The TSX Composite Index held firm, gaining 14.84 points to close at 25,854.01 points.