Glacier FarmMedia — The Canadian dollar was slightly firmer relative to its United States counterpart on Wednesday as U.S. inflation data failed to live up to expectations and weighed on the country’s currency.
The Canadian dollar settled at US$0.7318 or US$1=C$1.3665, which was compares with Tuesday’s close of US$0.7308 or US$1=C$1.3684.
The total value of building permits issued in Canada decreased by 6.6 per cent in April to C$11.7 billion, Statistics Canada reported
China and the U.S. reached a tentative trade deal, agreeing to a framework and implementation phase to ease tariffs.
Crude oil jumped sharply higher amid news the U.S. was preparing to evacuate its embassy in Iraq due to heightened security concerns in the Middle East. West Texas crude oil was up by 4.74 per cent at US$68.06 per barrel.
The TSX Composite Index gained 97.85 points to close at 26,524.16 points.
