Rising potassium prices coupled with a temporary shutdown of oil refineries in Canada slackened its economic growth.
Experts had expected a positive January trend to persist; therefore, the CPI had been projected to go up by 0.1% in February. However, the headline figure fell short of the forecast.
The GDP of Canada demonstrated a year-on-year downfall by 0.2% and equaled 1.6%.
The frustrating statistics drove the USD/CAD currency pair up by 80 points to the plank of 98.9 cent.
Bloomberg analysts suppose that the loonie will keep on weakening to the level of 1 dollar and 5 cent. Even though the Bank of Canada is most likely to raise the key interest rate, the Canadian dollar will hardly be rescued from further sinking.