Canadian Dollar And Business Outlook

By Commodity News Service Canada

WINNIPEG, May 17 The Canadian dollar was sharply lower against its US counterpart Friday morning, undermined by weak Canadian inflation data, analysts said.

At 8:54 CDT Friday the Canadian dollar was at US$0.9707 or US$=C$1.0302, which compares with Thursday’s North American close of US$0.9812 or US$=C$1.0192.

According to Statistics Canada, the Consumer Price Index (CPI) rose 0.4% in April, following a 1.0% increase in March. Analysts expected an increase of 0.6% during the month.

Weakness seen in gold prices also put some downward spill over pressure on the Canadian dollar.

The TSX was up 14.67 points, or 0.12%, at 8:54 CDT Friday morning to sit at 12,522.27.

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