Canadian Financial Close: C$ strengthens

By MarketsFarm

WINNIPEG, June 8 (MarketsFarm) – The Canadian dollar was slightly firmer on Thursday, seeing some follow-through strength after Wednesday’s Bank of Canada interest rate hike.

The Canadian dollar settled at US$0.7486 or US$1=C$1.3358 on Thursday, which compares with Wednesday’s close of US$0.7476 or US$1=C$1.3376.

The Bank of Canada raised its key overnight rate by 25 points on Wednesday, taking it to 4.75 per cent. That brought interest rates to their highest level in 22 years, with many market participants now expecting another rate hike in July as the BoC works to contain inflation.

West Texas Intermediate was down by 2.25 per cent at US$70.89 per barrel.

The TSX Composite Index was weaker, losing 40.99 points or 0.21 per cent to close at 19,942.70 points.

Canada’s agricultural sector performed as follows:

Buhler Ind.———————-    $ 0.00    at $  2.05

Linamar Corp.——————–up  $ 0.03    at $ 66.40

Maple Leaf Foods—————–up  $ 0.26    at $ 26.45

Nutrien Ltd.———————dn  $ 0.63    at $ 78.70

Ritchie Bros Auctioneers Inc.—-dn  $ 0.27    at $ 73.96

Farmers Edge Inc.—————-    $ 0.00    at $  0.1750

(All figures are in Canadian dollars.)