The Canadian dollar took a dive after Statistics Canada released new economic data showing weaker-than-expected inflation. ( JONATHAN HAYWARD / THE CANADIAN PRESS )The loonie took a dive as disappointing economic data coupled with recent comments by Bank of Canada governor Stephen Poloz hinted that an interest-rate cut may be on the horizon. The Canadian dollar finished the day at 75.04 cents US, down 0.59 of a cent after Statistics Canada released new economic data showing weaker-than-expected inflation and retail sales figures. Statistics Canada also reported that retail sales fell 0.1 per cent to $44.0 billion in August. The sole exception was consumer staples stocks, which slipped 0.15 per cent after Statistics Canada reported that food prices declined last month.

Source: thestar October 21, 2016 17:44 UTC