WINNIPEG – The Canadian dollar continued its rise on Wednesday due to higher oil prices and unwelcome economic data from the United States.
As of 8:35 a.m. CST, the loonie was at US$0.7988 or US$1=C$1.2519 on Wednesday, compared to US$0.7933 or US$1=C$1.2606 on Tuesday.
The U.S. Dollar Index was down 0.34 points at 95.28. The U.S. Labor Department announced on Wednesday the consumer price index increased 0.5 per cent last month, resulting in an annual inflation rate of seven per cent, the highest since June 1982.
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Benchmark crude oil prices were on the upswing Wednesday due to tightening supply. The U.S. Energy Information Administration said in its short-term energy outlook released on Wednesday that oil prices will slightly decline later in 2022. The industry-funded American Petroleum Institute will deliver its own monthly report this week.
Brent crude oil added US$0.48 per barrel at US$84.20. West Texas Intermediate (WTI) jumped US$0.87 to US$82.09/barrel. Western Canadian Select (WCS) increased US$0.61 to US$69.36/barrel.
The TSX/S&P Composite Index rebounded from recent losses, surging 112.45 points to 21,387.26.
Gold added US$2.70 per ounce to US$1,821.20.
