By Commodity News Service Canada
Winnipeg, May 22 – The Canadian dollar was weaker against its American counterpart Friday morning, as declining crude oil prices weighed down the loonie.
At 8:55 CDT Friday morning, the loonie was down 0.0045 of a cent to US$0.8150 or US$1 = C$1.2241. New data shows Canada’s annual inflation rate cooled to 0.8 percent in April which was its smallest gain since October of 2013. The energy index dipped 13.5 percent due to low energy prices.
A new study says the rising cost of owning a home in Vancouver is causing highly mobile young workers to move away from the region.
Best Buy Co. reported a 22.1% drop in international revenue during its first-quarter. The company blames ongoing softness in the electronics market and the sale of the Future Shop chain as the reasons behind the drop.
On the commodity markets the June crude contract in New York dipped US$1.22 to US$59.50 a barrel. The June gold contract declined $1.50 to US$1,202.60 an ounce.
At 8:55 CDT Friday morning, the TSX was down 18.29 points to 15,185.07.
