The US dollar plummeted against its Canadian counterpart on Tuesday morning in New York, setting a new 7-week low of 1.0315 by 9:30 am ET. This came after the report showed that Canadian consumer price inflation accelerated to its fastest annual rate of growth in over five years in August. As of 9:40 am ET, the dollar-loonie pair was quoted at 1.0319.
According to a report released by Statistics Canada today, consumer prices in August grew 3.5% compared to the same month last year, reflecting the fastest pace of growth since March of 2003, when prices rose at an annual rate of 4.2%.
Tuesday, September 23, 2008
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