Canadian Financial Close: C$ backs off nearby highs

By MarketsFarm

Glacier FarmMedia MarketsFarm – The Canadian dollar was slightly weaker on Wednesday, backing away from the eight-week highs relative to its United States counterpart hit the previous session.

The Canadian dollar settled at US$0.7358 or US$1=C$1.3590 on Tuesday, which compares with Tuesday’s close of US$0.7363 or US$1=C$1.3581.

Canada’s current account deficit narrowed to C$3.2 billion on a seasonally adjusted basis in the third quarter, after recording larger deficits the previous two quarters, according to a report from Statistics Canada.

The Organization of Petroleum Exporting Countries and its allies (OPEC+) are set to meet on Thursday to discuss production targets in 2024, with expectations for extended output cuts underpinning energy markets. West Texas Intermediate crude oil was up by 1.68 per cent at US$77.69 per barrel.

The TSX Composite Index was stronger, gaining 79.43 points to close at 20,116.20 points.

Canada’s agricultural sector performed as follows:

Buhler Ind.———————-dn  $ 0.03    at $  2.22

Linamar Corp.——————–up  $ 0.66    at $ 58.11

Maple Leaf Foods—————–dn  $ 0.38    at $ 24.27

Nutrien Ltd.———————up  $ 0.23    at $ 75.47

Ritchie Bros Auctioneers Inc.—-up  $ 0.04    at $ 85.88

Farmers Edge Inc.—————-    $ 0.00    at $  0.24

(All figures are in Canadian dollars.)