Canadian Dollar Rises on Stronger Inflation Data

The Canadian dollar strengthened on Monday morning due to better-than-expected inflation data. At 8:40 a.m. CDT, the Canadian dollar was trading at US$0.7213 or US$1=C$1.3864, up from Friday's close of US$0.7207 or US$1=C$1.3875.

The consumer price index in Canada increased 3.0 per cent annually in July, surpassing the previous month's rate of 2.8 per cent, according to Statistics Canada. Gasoline prices were a major driver behind this increase, with inflation at 2.2 per cent when excluding gasoline.

The TSX also experienced a decrease, down 82.74 points at 36,647.53 by the same time.