By MarketsFarm
WINNIPEG, April 21 (MarketsFarm) – The Canadian dollar was firmer Thursday morning, seeing some follow-through strength after Wednesday’s rally.
At 8:49 a.m. CDT Thursday morning the Canadian dollar was at US$0.8014 or US$1=C$1.2478, which compares with Wednesday’s close of US$0.7999 or US$1=C$1.2502.
Canada’s annual rate of inflation beat expectations at 6.7 per cent in a report released by Statistics Canada on Wednesday. With inflation at its highest level in over two decades, the likelihood of sizeable interest rate hikes from the Bank of Canada kept the loonie underpinned for a second day.
Strength in crude oil was also supportive for the energy-linked currency. West Texas Intermediate up by 1.9 per cent at US$104.09 per barrel.
The TSX was stronger, up 25.07 points at 8:49 CDT, trading at 22,023.45 points.
