Canadian Financial Close: C$ strengthens

     Glacier FarmMedia | MarketsFarm — The Canadian dollar was stronger on Tuesday, as rising inflation was seen reducing the likelihood of large interest rate cuts from the Bank of Canada.

The Canadian dollar settled at US$0.7153 or US$1=C$1.3819 on Tuesday, which compares with Monday’s close of US$0.7121 or US$1=C$1.4042.

Canada’s Consumer Price Index rose 2.0 per cent on an annual basis in October, up from the 1.6 per cent year-on-year inflation in September, reported Statistics Canada. The increase beat market expectations.

Crude oil was firm, with West Texas crude oil up 0.43 per cent at US$69.46 per barrel.

The TSX Composite Index was up by 33.83 points to close at 25,010.77 points.