By MarketsFarm
WINNIPEG, May 16 (MarketsFarm) – The Canadian dollar was stronger Tuesday morning, seeing a continuation of Monday’s rise relative to its United States counterpart.
At 8:40 a.m. CDT Tuesday morning the Canadian dollar was at US$0.7453 or US$1=C$1.3417, which compares with Monday’s close of US$0.7415 or US$1=C$1.3487.
Canada’s annual rate of inflation increased to 4.4 per cent in April, from 4.3 per cent the previous month, according to the latest Consumer Price Index data from Statistics Canada. The CPI growth beat market expectations and marked the first acceleration in the rate since June 2022. The CPI was up by 0.7 per cent on a monthly basis.
Crude oil was holding steady, with West Texas Intermediate up by 0.1 per cent at US$71.19 per barrel.
The TSX was weaker, down by 132.88 points at 8:40 CDT, trading at 20,407.09 points.
