By MarketsFarm
WINNIPEG, Dec. 21 (MarketsFarm) – The Canadian dollar was holding steady Wednesday morning as currency traders reacted to the country’s latest inflation data.
At 8:41 a.m. CST Wednesday morning the Canadian dollar was at US$0.7340 or US$1=C$1.3624, which compares with Tuesday’s close of US$0.7342 or US$1=C$1.3621.
Canada’s annual rate of inflation dipped to 6.8 per cent in November, from 6.9 per cent the previous month, according to a report from Statistics Canada. Gasoline prices were down by 3.6 per cent from the previous month, but were still up by 13.7 per cent from the same point a year ago. Grocery prices were up by 11.4 per cent annually, increasing from the 11.0 per cent gain year-on-year gain reported in October.
Crude oil was higher in early trade, as inventories in the United States fell by 3.1 million barrels from the previous week. West Texas Intermediate was up by 2.3 per cent at US$78.00 per barrel.
The TSX was up by 162.58 points at 8:41 CST, trading at 19,469.47 points.
