Canadian Dollar Dips as Oil Prices Plummet Amid Demand Worries

The Canadian dollar experienced a slight decline on Thursday following the release of economic data from the United States.

The loonie finished at US$0.7175 or US$1=C$1.3938, compared to US$0.7179 or US$1=US$1.3930 on Wednesday.

The U.S. Dollar Index was down 0.05 of a point at 99.96, while the Labor Department reported that the U.S. annual inflation rate was down by 0.1 of a point in July at 3.4 per cent.

Crude oil prices also saw a decline on Thursday due to demand concerns and larger crude oil inventories, with West Texas Intermediate dropping US$2.11 per barrel at US$81.16 and Brent crude oil declining US$2.03/barrel at US$86.95.