Advertisement

Canadian Financial Close: C$ steady Tuesday

| 1 min read

By Phil Franz-Warkentin

 

Glacier FarmMedia|MarketsFarm–The Canadian dollar held steady on Tuesday, lacking any clear direction as investors adjusted positions ahead of the latest interest rate announcement from the United States Federal Reserve on Wednesday.

The Canadian dollar settled at US$0.7355 or US$1=C$1.3596 on Tuesday, which compares with Monday’s close of US$0.7357 or US$1=C$1.3593.

Canada’s consumer price index was up by 2.0 per cent on an annual basis in August, down from 2.5 per cent the previous month and the slowest pace of inflation since February 2021, according to a report from Statistics Canada.

Meanwhile, the Canadian Mortgage and Housing Corporation reported that housing starts in the country dropped by 22 per cent in August compared to the previous month.

Crude oil was stronger, with West Texas crude oil up by

1.46 per cent at US$71.11 per barrel.

The TSX Composite Index lost 24.37 points to close at 23,677.70 points.