Canadian Financial Close: C$ steady

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar held steady on Wednesday as minutes from the United States Federal Reserve’s January meeting showed the central bank is unlikely to cut interest rates anytime soon. Positioning in global financial markets ahead of an earnings report from tech giant Nvidia was a feature of the trade.

The Canadian dollar settled at US$0.7401 or US$1=C$1.3512 on Wednesday, which compares with Tuesday’s close of US$0.7398 or US$1=C$1.3518. Most Canadian markets were closed for provincial holidays on Monday.

Canada’s new housing price index dipped by 0.1 per cent in January compared to the previous month, according to a report from Statistics Canada, with prices steady or lower in 21 of the 27 census metropolitan areas surveyed. New home prices were down 0.7 per cent on an annual basis.

Crude oil was stronger on Wednesday, with West Texas Intermediate crude oil up by 1.2716 per cent at US$78.02 per barrel.

The TSX Composite Index lost 45.15 points to close at 21,172.38 points.

Canada’s agricultural sector performed as follows:

Buhler Ind.———————-dn  $ 0.01    at $  2.18

Linamar Corp.——————–up  $ 0.20    at $ 66.57

Maple Leaf Foods—————–up  $ 0.14    at $ 25.83

Nutrien Ltd.———————dn  $ 0.30    at $ 68.12

RB Global Inc.——————-dn  $ 1.56    at $ 90.03

Farmers Edge Inc.—————-up  $ 0.005   at $  0.345

(All figures are in Canadian dollars.)