Canadian dollar gains as U.S. inflation pressures show signs of easing

The Canadian dollar CADUSD strengthened to its highest level in eight weeks against its U.S. counterpart on Tuesday, as the greenback broadly declined and domestic data showed a surprise increase for wholesale trade in September. The U.S. dollar fell against a basket of major currencies and U.S. stock index futures rallied as data showed that U.S. producer prices increased less than expected in October, providing further evidence that inflation was starting to subside. Canadian wholesale trade increased by 0.1 per cent in September from August, beating expectations for a 0.2 per cent decline, helped by higher sales of pharmaceutical products,…