Canadian Forex Midday: C$ Weakens With Inflation

By Commodity News Service Canada.

Winnipeg, July 17 – The Canadian dollar was lower against its US counterpart at midday Friday, weighed down by Canadian inflation figures.

The Canadian dollar was at US$0.7696 or US$1 = C$1.2947 at 11:50 CDT Friday morning. The core inflation rate rose by 2.3%, which was slightly above initial estimates by analysts.

US inflation was also on the upswing. The headline rate jumped 1.0% in June compared to May.

Apartment buildings in the US are going up at their fastest rate since the mid 1980’s.

On the commodity markets the August crude contract in New York fell US$0.47 to US$50.44 a barrel. The August gold contract fell US$12.70 to US$1,131.20 an ounce.

At 11:50 CDT Friday morning, the Toronto Stock Exchange was down 129.36 points to 14,601.72