Canadian Financial Close: C$ hits five-week low

Canadian Financial Close: C$ hits five-week low

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar was weaker on Wednesday, hitting its lowest level in five weeks relative to its United States counterpart as investors were reportedly backing away from riskier assets.

The Canadian dollar settled at US$0.7395 or US$1=C$1.3522 on Wednesday, which compares with Tuesday’s close of US$0.7417 or US$1=C$1.3483.

Statistics Canada reported that the country’s Industrial Product Price Index (IPPI) fell by 1.5 per cent in December compared to the previous month and was down by 2.7 per cent annually. Meanwhile, the Raw Materials Price Index (RMPI) was down by 4.9 per cent monthly and 7.9 per cent year over year.

Canadian investors purchased C$12.5 billion of foreign securities in November while foreign investors acquired C$11.4 billion of Canadian securities, resulting in a net outflow of C$1.1 from the country’s economy during the month, according to another StatCan report.

Crude oil managed to recover from earlier losses, with West Texas Intermediate crude oil up by 0.69 per cent at US$72.90 per barrel.

The TSX Composite Index was weaker, losing 253.07 points to close at 20,695.02 points.

Canada’s agricultural sector performed as follows:

Buhler Ind.———————-    $ 0.00    at $  2.24

Linamar Corp.——————–dn  $ 0.34    at $ 63.64

Maple Leaf Foods—————–up  $ 0.47    at $ 26.37

Nutrien Ltd.———————dn  $ 0.63    at $ 66.11

RB Global Inc.——————-up  $ 0.20    at $ 87.15

Farmers Edge Inc.—————-dn  $ 0.005   at $  0.335

(All figures are in Canadian dollars.)