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The Canadian dollar climbed to its strongest level in nearly seven months against its U.S. counterpart on Wednesday after a record run for stocks on Wall Street, with domestic data showing lower inflation doing little to halt the currency’s momentum.

Stocks globally edged up as a record high for U.S. stocks outweighed simmering worries over a resurgence in coronavirus cases that could undermine a nascent recovery.

Canada runs a current account deficit and is a major producer of commodities, including oil, so the loonie tends to be sensitive to the global flow of trade and capital.

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U.S. crude prices were down 0.8% at $42.53 a barrel on concerns U.S. fuel demand will face a slow recovery amid stalled talks on an economic stimulus package.

The Canadian dollar strengthened 0.2% to 1.3137 to the greenback, or 76.12 U.S. cents. It notched its strongest intraday level since Jan. 24 at 1.3133, helped by recent pressure on the U.S. dollar .

Canada’s annual inflation rate in July fell to 0.1%, Statistics Canada said. That was less than the 0.5% rate that analysts had expected, while the average of the Bank of Canada’s core measures dipped to 1.6% from 1.7%.

Separate data from Statistics Canada showed that Canadian wholesale trade increased by a record 18.5% in June from May as large parts of the economy reopened following closures related to the coronavirus pandemic. Analysts had forecast a 10.0% increase.

Canadian government bond yields were mixed across a flatter curve, with the 10-year dipping less than half of a basis point to 0.561%.

Canadian Prime Minister Justin Trudeau is weighing sweeping changes to the country’s social welfare system and a series of economic measures that will align Canada with ambitious climate goals, according to people familiar with the matter.

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