By Commodity News Service Canada
Winnipeg, March 27 – The Canadian dollar was flat against its US counterpart at midday Wednesday.
The Canadian currency was supported by strong Canadian inflation data earlier in the day, but fell flat as traders don’t think it’s enough to entice the Bank of Canada to change their dovish tone.
According to Statistics Canada, the Consumer Price Index (CPI) increased by 1.2% in the 12 months to February, following a 0.5% rise in January.
At 11:57 CDT Wednesday, the Canadian dollar was trading at US$0.9834, or US$1=C$1.0169, which compares with Tuesday’s North American close of US$0.9839, or US$=C$1.0164.
The Canadian currency was also nearly unchanged, amid mixed commodity prices. Crude oil and copper values moved lower, while gold prices were sharply higher.
The Toronto Stock Exchange was down 26.60 points, or 0.21%, at 11:57 CDT Wednesday, to sit at 12,679.78.
