CAD Weakens on Crude Oil Losses and Stronger USD

The Canadian dollar weakened on Thursday morning due to losses in crude oil and strength in the US dollar. At 9:04 a.m. CDT, the CAD traded at US$0.7153 or US$1=C$1.3980, down from Wednesday's close of US$0.7170 or US$1=C$1.3947.

Canadian Prime Minister Mark Carney addressed the European Parliament, highlighting proposals for a deeper partnership with Europe. He noted that any such agreement would require debate and a vote in the Canadian Parliament.

The Industrial Product Price Index rose 1.3 per cent in August compared to July, representing a 13.5 per cent annual increase. The Raw Materials Price Index was up by 3.1 per cent on the month and 22.8 per cent annually.