By MarketsFarm
WINNIPEG, April 20 (MarketsFarm) – The Canadian dollar was higher Wednesday morning, as stronger-than-expected inflation data underpinned the currency.
At 8:42 a.m. CDT Wednesday morning the Canadian dollar was at US$0.7996 or US$1=C$1.2506, which compares with Tuesday’s close of US$0.7921 or US$1=C$1.2624.
Statistics Canada reported that the country’s Consumer Price Index rose at an annual rate of 6.7 per cent in March. That came in well above expectations for a 6.1 per cent increase on the year. The CPI was up 1.4 per cent on a monthly basis in March, after a 1.0 per cent gain in February. The monthly growth marked the largest rise since January 1991, when the goods and services tax (GST) was first introduced.
Crude oil was stronger, with West Texas Intermediate up by 0.7 per cent at US$102.74 per barrel.
The TSX was weaker, down 22.26 points at 8:42 CDT, trading at 21,996.56 points.
