By Commodity News Service Canada
Winnipeg, January 23 – The Canadian dollar was slightly lower against its American counterpart Friday morning, as a new report said Canada’s consumer price index rose 1.5 percent in the year ended December. The consumer price index is regarded as a key measure of inflation.
At 8:50 CST Friday morning, the loonie was down 0.0014 of a cent to US$0.8288 or US$1 = C$1.2065. Canadian retail sales rose 0.4 percent to $43 billion in November. Analysts had been expecting a decline.
Questions are being raised about crude oil now that the leadership in Saudi Arabia has changed. Oil rose early this morning on news of the death of King Abdullah. Analysts wonder whether his successor 79 year-old Prince Salman, who is in poor health, will adjust the kingdom’s oil policy.
On the commodity markets the March crude contract in New York rose two cents to US$46.33 a barrel. March copper was down six cents at US$2.52 a pound while the February gold contract declined 3.90 to US$1,296.80 an ounce.
At 8:50 CST Friday morning, the TSX was up 5.71 points to 14,769.69.
