Canadian Dollar and Business Outlook: Loonie, inflation down ahead of budget vote

Glacier FarmMedia – The Canadian dollar was lower on Monday despite the release of economic news from Statistics Canada.

     The loonie was at US$0.7122 or US$1=C$1.4041 as of 9:05 a.m. CST, compared to Friday’s close at US$0.7130 or US$1=C$1.4025.

     StatCan reported on Monday the country’s annual inflation rate was at 2.2 per cent in October, down from 2.4 per cent the month before, mainly due to lower grocery and fuel prices.

     The Liberal government’s budget will be voted on in the House of Commons tonight, which will also serve as a confidence vote capable of triggering a snap election.

     The United States Dollar Index was up 0.18 of a point at 99.48.

     Crude oil prices were steady on Monday. Exports resumed at a Russian oil depot this weekend after an attack by Ukrainian drones. Brent crude oil was up US$0.01 per barrel at US$64.40/barrel. West Texas Intermediate declined US$0.03 at US$60.06/barrel.

     The TSX/S&P Composite Index fell 68.42 points at 30,258.04.

     Gold was down US$17.00 per ounce at US$4,077.20.

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