Canadian Financial Close: BoC leaves interest rate unchanged

Glacier FarmMedia MarketsFarm – The Canadian dollar was virtually unchanged on Wednesday after an announcement from the Bank of Canada (BoC).

The loonie closed at US$0.7367 or US$1=C$1.3574, compared to US$0.7364 or US$1=C$1.3579 on Tuesday. The BoC announced earlier today that it will leave the key interest rate unchanged at five per cent, as many expected. Statistics Canada also reported today that Canada’s trade surplus grew to C$3 billion in October, compared to C$1.1 billion the month before.

The United States Dollar Index was up 0.14 of a point at 104.19, at its highest level in three weeks.

Crude oil struggled mightily on Wednesday due to skepticism over OPEC+’s planned supply cuts. Brent crude oil lost US$2.96 at US$74.24 per barrel. West Texas Intermediate (WTI) fell US$3.05 to US$69.27/barrel, hitting a five-month low.

The TSX/S&P Composite Index shed 101.72 points to end the day at 20,274.21.

Gold gained US$8.00 at US$2,044.30 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      dn  $ 0.18     at $  2.22

Farmer’s Edge Inc.               unchanged      at $  0.24

Linamar Corp.                    up  $ 0.53     at $ 57.92

Maple Leaf Foods                 up  $ 0.09     at $ 24.38

Nutrien Ltd.                     up  $ 0.02     at $ 72.55

RB Global Inc.                   up  $ 0.23     at $ 86.40

(All figures are in Canadian dollars.)