Canadian dollar rose against most of its major counterparts on Wednesday, buoyed by optimism about the trade dispute between Washington and Beijing, despite weak Canadian economic data.

Government data showed that Canada's consumer price index stabilized at 1.4% last month unchanged, and the common CPI stabilized at 1.8%.

Sources told CNBC today, that the White House plans to postpone the decision to impose tariffs on US imports of cars for six months.

This comes in fear of worsening problems and damage to the economy and consumers in the United States in conjunction with the escalation of the trade war with China.

US President Donald Trump said his administration did not care much about the trade dispute with China, adding that customs tariffs can be canceled once an agreement is reached with Beijing.

In terms of trading, by 15:59 GMT, CAD/USD rose by 0.2% to 0.7444, and hit a high of 0.7449 and the lowest at 0.7406.

Oil prices rose during today's trading, to offset earlier losses, despite the larger-than-expected rise in the US crude inventories.

The International Energy Agency (IEA) has warned of a drop in the global supply of crude, which could push OPEC and its allies to increase production at the June meeting.

The Energy Information Administration (EIA) announced a rise in oil inventories in the United States by about 5.4 million barrels last week, while analysts expected a decline by three million barrels.

Markets are still trying to absorb the shock of the mutual tariff increases between the United States and China and its impact on commodities.

In terms of trading, by 16:08 GMT, West Texas rose 0.6% to $62.1 a barrel, the highest price of the day at $62.3 and the lowest at $60.8.

Brent rose 1.3% to $72.1 a barrel, as the crude hit a high of $72.2 and a low of $70.4.

Copper prices rose during today's trading despite the continuation of the market's concerns over the US-China trade dispute and dollar's rise against most major currencies.

US President Donald Trump has tried to ease concerns in the markets, noting that a trade war with China is not important and that the economy can deal with any possible repercussions.

President Trump also said that there are still opportunities to conclude a trade agreement with the Chinese side and to cancel customs tariffs.

In the case of a comprehensive agreement reached between Washington and Beijing, global demand for commodities, including copper, is expected to rebound.

Meanwhile, by 14:11 GMT, the dollar index rose by 0.2% to 97.6 points, reaching a high of 97.7 points and a low of 97.4 points.

In terms of trading, by 14:05 GMT, Copper futures (July delivery contracts) rose by 0.2% to $2.73 per pound, with a high of $2.74 and a low of $2.71.

The US Energy Information Administration (EIA) announced today that US crude inventories rose by 5.4 million barrels to a total of 472 million barrels last week, while analysts forecast a 3 million barrel decline.

US gasoline inventories fell by 1.1 million barrels to 225 million barrels, while distillate stocks rose by 100,000 barrels to 125.6 million barrels.

While the American Petroleum Institute (API) announced yesterday in preliminary data that the US oil inventories rose by about 8.6 million barrels.