By MarketsFarm
WINNIPEG, May 20 (MarketsFarm) – The Canadian dollar was stronger on Wednesday morning, despite poor economic data from Statistics Canada.
At 8:30 CDT Tuesday morning the Canadian dollar was at US$0.7206 or C$1.3877, which compares with Tuesday’s North American close of US$0.7198 or C$1.3893.
According to a recent report, Canada’s annual rate of inflation turned negative in April, which was the first full month of the COVID-19 pandemic. The rate of inflation was negative 0.2 per cent. Crude oil prices were down by 39.3 per cent, which as the largest year-over-year decline on record. Prices for household cleaning products increased by 4.6 per cent that month, and toilet paper purchases fuelled a six per cent spike in the paper supplies category.
Benchmark crude oil indices were stronger as economies around the world cautiously relax COVID-19 pandemic restrictions. West Texas Intermediate (WTI) was up by 78 cents at US$32.74 per barrel. Brent Crude was up by 99 cents at US$35.64 per barrel.
The TSX was up by 147.35 points at 8:50 CDT to trade at 15,032.36 points.
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