WINNIPEG – The Canadian dollar declined on Wednesday morning after Statistics Canada released new inflation data earlier in the day.
As of 8:34 a.m. CST, the loonie was at US$0.7948 or US$1=C$1.2582, compared to Tuesday’s close of US$0.7968 or US$1=C$1.2550. The data agency announced that Canada’s inflation rate grew to 4.7 per cent in October, its highest level since February 2003. It was the seventh straight month inflation has been above three per cent, the upper bound of the Bank of Canada’s control range.
The U.S. Dollar Index increased 0.01 of a point to 95.92.
Benchmark crude oil prices were lower on Wednesday morning. Brent crude oil dropped US$0.58 per barrel to US$81.85. West Texas Intermediate (WTI) fell US$0.62 to US$80.14/barrel. Western Canadian Select (WCS) lost US$0.74 to US$61.27/barrel.
The TSX/S&P Composite Index gained 22.32 points at 21,739.48.
Gold advanced US$11.90 per ounce to US$1,866.00.
