Canadian Dollar Holds Steady Amid Steady Inflation and Higher Oil Prices

The Canadian dollar remained steady against the U.S. dollar on Monday, despite Canada's annual inflation rate holding steady in August.

Canada's consumer price index rose 3.0% year-on-year in August, matching expectations and staying above the Bank of Canada's 2% target.

The data offered little fresh impetus for the Canadian dollar as underlying price pressures showed no broad acceleration, with food inflation slowing to 2.8% and gasoline prices remaining a major contributor at 22.8% from a year earlier.