BLBG: Canada’s Dollar Rises as Inflation Unexpectedly Accelerates
Canada’s currency rose for a third day after a government report showed annual inflation unexpectedly accelerated in February.
The Canadian dollar, known as the loonie, gained 0.5 percent to C$1.2407 per U.S. dollar at 7:10 a.m. in Toronto, from C$1.2467 yesterday. One Canadian dollar buys 80.60 U.S. cents.
The year-over-year inflation rate quickened to 1.4 percent last month from 1.1 percent in January, Statistics Canada said today in Ottawa. The consumer price index rose 0.7 percent from January, the first increase in five months, the agency said.
