Canada's main stock index fell Friday due to lower bank and gold mining shares when concerns about the impact of a stronger Canadian dollar and higher inflation on the economy stimulated sentiment.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index fell 81.31 points, or 0.54 percent, to close the day at 14,952.33.

Domestic data showed that Canada's annual inflation rate ticked higher in July, suggesting price pressures are picking up after June's subdued reading and clearing the way for the Bank of Canada to raise interest rates in the fall. The news helped lift the Canadian dollar.

The index's losses stood in contrast to U.S. stocks, which rebounded in a volatile session on reports that President Donald Trump fired his controversial chief strategist Steve Bannon.

Healthcare was the only sector that advanced.

Manulife Financial Corp dropped 2.4 percent to C$24.50 Canadian dollars while the overall financials group fell 0.5 percent.

The materials group declined 1.1 percent when Barrick Gold fell 1.9 percent to 20.95 Canadian dollars and Goldcorp Inc slumped three percent to 16.20 Canadian dollars.

Technology stocks edged down 0.9 percent with CGI Group Inc down 1.3 percent to 62.67 Canadian dollars. Absolute Software Corp plummeted 6.6 percent to 7.46 Canadian dollars.

The energy group was just off 0.1 percent, even as the price of oil jumped three percent.

Industrials fell one percent while Canadian National Railway Co. fell 1.2 percent to 100.Canadian dollars.