WINNIPEG – The Canadian dollar was steady on Wednesday despite new inflation data.
As of 8:45 a.m. CDT, the loonie was at US$0.7924 or US$1=C$1.2620, compared to US$0.7922 or US$1=C$1.2623 when markets closed on Tuesday. On Wednesday, Statistics Canada reported that inflation rose to 3.7 per cent in July, the highest level since 2011.
Crude oil was higher on Wednesday due to declining gasoline stockpiles in the United States. Brent crude oil increased US$0.60 per barrel to US$69.63. West Texas Intermediate (WTI) was up US$0.46 to US$67.05/barrel. Meanwhile, Western Canadian Select (WCS) advanced US$0.43 to US$54.19/barrel.
The TSX/S&P Composite Index declined 34.27 points at 20,329.32.
Gold increased US$0.29 per ounce to US$1,786.47.
