WINNIPEG – The Canadian dollar has risen to its highest point against the United States dollar since May 2015.
As of 8:34 a.m. CDT, the loonie was at US$0.8283 or US$1=C$1.2073 compared to US$0.8267 or US$1=C$1.2096 when markets closed on Tuesday. The Canadian dollar’s rise is attributed to higher commodity prices and a weakening U.S. greenback. In the U.S., the consumer price index increased by 0.8 per cent in April, the highest gain since 2009.
Benchmark oil prices slightly increased on Wednesday. Brent crude gained US$0.37 per barrel to US$67.92. West Texas Intermediate (WTI) went up by US$0.536 to US$65.64/barrel. Western Canadian Select (WCS) jumped by US$0.70 at US$53.25/barrel.
The TSX/S&P Composite Index continues to fall, declining by 56.05 points to 19,217.99.
Gold decreased by US$4.68 per ounce to US$1,832.78.
