By MarketsFarm
WINNIPEG, Feb. 28 (MarketsFarm) – The Canadian dollar was slightly softer Tuesday morning as currency traders reacted to surprisingly flat inflation data out of the country.
At 9:07 a.m. CST Tuesday morning the Canadian dollar was at US$0.7360 or US$1=C$1.3587, which compares with Monday’s close of US$0.7368 or US$1=C$1.3573.
Canada’s real gross domestic product was unchanged in the fourth quarter of 2022 after five consecutive quarterly increases, according to a report from Statistics Canada. The steady reading came in well below pre-report expectations for 1.5 per cent growth and the Bank of Canada’s 1.3 per cent target. However, early data for 2023 is showing a 0.3 per cent increase in January.
Crude oil was stronger in early trade, with West Texas Intermediate up by 1.68 per cent at US$76.95 per barrel.
The TSX was down by 56.85 points at 9:07 CST, trading at 20,203.28 points.
