By Commodity News Service Canada
WINNIPEG, May 17 The Canadian dollar was sharply lower against its US counterpart Friday morning, undermined by weak Canadian inflation data, analysts said.
At 8:54 CDT Friday the Canadian dollar was at US$0.9707 or US$=C$1.0302, which compares with Thursday’s North American close of US$0.9812 or US$=C$1.0192.
According to Statistics Canada, the Consumer Price Index (CPI) rose 0.4% in April, following a 1.0% increase in March. Analysts expected an increase of 0.6% during the month.
Weakness seen in gold prices also put some downward spill over pressure on the Canadian dollar.
The TSX was up 14.67 points, or 0.12%, at 8:54 CDT Friday morning to sit at 12,522.27.
