Canadian Financial Close: C$ firm amid conflicting news

Glacier FarmMedia MarketsFarm – The Canadian dollar was slightly firmer on Wednesday, underpinned by solid inflation data. However, losses in crude oil and the latest interest rate decision from the United States Federal Reserve put some pressure on the currency.

The Canadian dollar settled at US$0.7464 or US$1=C$1.3397 on Wednesday, which compares with Tuesday’s close of US$0.7453 or US$1=C$1.3417.

Canada’s gross domestic product grew by 0.2 per cent in November after holding nearly unchanged the three previous months, according to a report from Statistics Canada. The manufacturing sector was up by 0.9 per cent in November, while wholesale trade increased by 0.7 per cent. Early data for December points to a 0.3 per cent rise in real GDP and annualized growth of 1.2 per cent in the fourth quarter.

Meanwhile, the U.S. Federal Reserve left its key overnight rates unchanged at a 23-year high for the fourth-straight meeting, with the accompanying statement showing no sign of cuts anytime soon.

Crude oil was sharply lower, with West Texas Intermediate crude oil down by 2.63 per cent at US$75.77 per barrel.

The TSX Composite Index was down by 205.99 points to close at 21,021.88 points.

Canada’s agricultural sector performed as follows:

Buhler Ind.———————-    $ 0.00    at $  2.40

Linamar Corp.——————–dn  $ 1.10    at $ 63.77

Maple Leaf Foods—————–dn  $ 0.06    at $ 25.64

Nutrien Ltd.———————dn  $ 1.49    at $ 67.04

RB Global Inc.——————-up  $ 0.35    at $ 86.06

Farmers Edge Inc.—————-dn  $ 0.01    at $  0.34

(All figures are in Canadian dollars.)