The Canadian dollar moved up against its major rivals in the European session on Wednesday, as consumer inflation in the country accelerated in July.

Data from Statistics Canada showed that Canada CPI rose 0.5 percent on a seasonally adjusted monthly basis in July, after a gain of 0.2 percent in the previous month.

Core CPI, excluding food and energy, grew 0.4 percent following a flat reading in June.

The consumer price index rose 3.7 percent on a year-over-year basis in July, up from a 3.1 percent gain in June. Economists has expected a 3.4 percent increase.

Oil prices gained as investors await the latest crude oil supply data from the U.S. Energy Information Administration later in the day.

Crude for October delivery rose $0.61 to $69.64 per barrel.

The loonie advanced to 1.2598 against the greenback, from a low of 1.2641 seen at 10 pm ET. The loonie is likely to find resistance around the 1.22 level.

The loonie reached a 2-day high of 87.14 against the yen, up from a low of 86.61 set at 10 pm ET. The loonie is seen finding resistance around the 89.00 region.

Data from the Ministry of Finance showed that Japan posted a merchandise trade surplus of 441 billion yen in July.

That exceeded expectations for a surplus of 202.3 billion yen following the upwardly revised 384 billion yen surplus in June (originally 383.2 billion yen).

The loonie hit 0.9136 against the aussie, a level unseen since May 25, 2020. The loonie may locate resistance around the 0.90 level.

Euro vs CAD (FX:EURCAD)
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