By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar lost nearly a quarter of a cent on Tuesday, unable to gain traction from Statistics Canada’s July inflation report.
The loonie finished at US$0.7219 or US$1=C$1.3852, compared to Monday’s close of US$0.7242 or US$1=C$1.3809. The U.S. Dollar Index nudged up 0.118 of a point at 98.135.
StatCan said the consumer price index for last month dipped 0.2 of a point from June at an annualized rate of 1.7 per cent. The decline was spurred by lower fuel prices at the pump. Increases in food and housing prevented inflation from pulling back further.
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That small decline in inflation has left analysts spilt between the Bank of Canada cutting its key interest rates further or holding them steady.
Benchmark crude oil prices were lower on Tuesday on speculation there will be an end to the Russian invasion of Ukraine and the easing of sanctions against the former.
West Texas Intermediate retreated 95 cents at US$62.47 and Brent crude gave up 67 cents at US$65.93 per barrel.
The TSX Composite Index slipped by 98.97 points on Tuesday to close at 27,823.88.
Gold lost US$18.90 at US$3,359.10 per ounce.
