Glacier FarmMedia — The Canadian dollar stepped back on Monday after new economic news from Statistics Canada and ahead of an important budget vote in the House of Commons.
The loonie slipped to US$0.7125 or US$1=C$1.4035 on Monday, compared to US$0.7130 or US$1=C$1.4025 on Friday.
StatCan reported this morning that Canada’s inflation rate dipped to 2.2 per cent in October, compared to 2.4 per cent in September, largely due to lower grocery and fuel prices.
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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. …
MPs will vote on the Liberal government’s budget tonight, which is a confidence vote. The Liberals need a handful of opposition MPs to either vote for the budget or abstain in order for it to be passed. Otherwise, a snap election could be called. Elizabeth May, the only Green Party MP, announced she will vote for the budget, while New Democrat MPs have not yet announced their voting intentions.
The United States Dollar Index was up 0.24 of a point at 99.54.
Crude oil prices pulled back on Monday after a Russian oil export depot reopened after an attack by Ukrainian drones. West Texas Intermediate was down US$0.34 per barrel at US$59.75. Brent crude oil declined US$0.35/barrel at US$64.04.
Nvidia and other tech stocks dragged down the markets, with the TSX/S&P Composite Index losing 250.25 points to close at 30,076.81.
Gold lost US$49.10 per ounce at US$4,045.10.
