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Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, May 23 – The Canadian dollar was little changed against its US counterpart Friday morning, as rising inflation and mixed commodity numbers failed to dislodge the loonie from its narrow trading range.

Statistics Canada reported that the consumer price index for April rose 2% on a year-over-year basis, which was in line with analysts’ expectations and up 1.5% from the previous month.

As well, new figures showed existing-home sales rose 1.3% in April, which is the fastest pace since December.

On the commodity markets, the July crude oil contract gained 30 cents to US$104.04 a barrel, which was supportive. June gold faded $6.50 to US$1,288.50 an ounce, which was bearish.

At 8:40 CDT Friday, the Canadian dollar was at US$0.9193 or US$=C$1.0877 which compares with Thursday’s North American close of US $0.9180, or US$=C$1.0893.

The TSX was up 52.43 points Friday morning at 8:40 CDT, to sit at 14,702.29.

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