Canadian Dollar and Business Outlook: Loonie drops after inflation report

WINNIPEG – The Canadian dollar retreated on Wednesday after Statistics Canada reported the annual inflation rate in June was 3.1 per cent, lower than the 3.6 per cent reported for May.

As of 8:49 a.m. CDT, the loonie was at US$0.7940 or US$1=C$1.2594, compared to US$0.7950 or US$1=C$1.2578 when markets closed on Tuesday.

Crude oil increased on Wednesday. Brent crude oil gained US$0.31 per barrel to US$74.79. West Texas Intermediate (WTI) increased US$0.37 to US$72.02/barrel. Western Canadian Select (WCS) jumped US$0.38 to US$58.16/barrel.

The TSX/S&P Composite Index advanced 21.83 points at 20,195.18.

Gold declined US$2.17 per ounce to US$1,796.62.

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