Friday saw the monetary unit of Canada fall against the U.S. dollar as fallout to data from the nation's government noting its rate of inflation fell more than anticipated, according to Bloomberg.
Consumer prices fell 0.6 percent during the month of December while the month prior indicated an increase of 0.1 percent, Statistics Canada noted. When compared with figures from one year ago, consumer prices lifted 2.3 percent.
The loonie followed crude oil futures' downward push on Friday as well. The energy commodity is the top export of the natural-resources-rich country whose economy and commerce is based largely on the exports of these commodities.
At 12:10 p.m. on Friday, crude oil futures fell 1.53 percent, a $1.71 drop to $109.84 per barrel.
Another factor that analysts noted that pulled down the value of the Canadian dollar was car prices dropping 2.3 percent, according to The Canadian Press. That dive resulted from automakers permitting 2012 models to be sold with discounts.
Currency strategy head Camilla Sutton with Bank of Nova Scotia told Bloomberg that the slowdown in Canada of inflationary pressure pulls back a burden on the nation's central bank.
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