By MarketsFarm
WINNIPEG, July 20 (MarketsFarm) – The Canadian dollar was slightly firmer Wednesday morning, as the country’s annual rate of inflation hit its highest level in nearly four decades.
At 8:53 a.m. CDT Wednesday morning the Canadian dollar was at US$0.7770 or US$1=C$1.2870, which compares with Tuesday’s close of US$0.7750 or US$1=C$1.2904.
Canada’s annual rate of inflation came in at 8.1 per cent in June, according to a report from Statistics Canada. That was up from 7.7 per cent the previous month, but slightly off average pre-report estimates closer to 8.4 per cent. The inflation was the highest since 1983.
Crude oil was softer in early trade, with West Texas Intermediate down by 1.6 per cent at US$99.11 per barrel.
The TSX was also weaker, down 63.04 points at 8:53 CDT, trading at 18,874.67 points.
