Canadian Financial Close: C$ steady amid trade uncertainty

Glacier FarmMedia | MarketsFarm — The Canadian dollar held relatively steady on Wednesday, lacking any clear direction as currency traders continued to make sense of shifting trade policy out of the United States.

The Canadian dollar settled at US$0.6994 or US$1=C$1.4298, 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 weaker, with West Texas crude oil down by 2.93 per cent at US$71.17 per barrel.

The TSX Composite Index lost 68.72 points to close at 25,563.11 points.