Canadian Financial Close: C$ strengthens Wednesday

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar was stronger on Wednesday, as investors reacted to updated inflation data out of the United States and the latest interest rate announcement from the U.S. Federal Reserve.

The Canadian dollar settled at US$0.7299 or US$1=C$1.3700 on Wednesday, which compares with Tuesday’s close of US$0.7264 or US$1=C$1.3767.

The Fed left interest rates unchanged on Wednesday, as had been widely anticipated, with the accompanying statement now only forecasting one cut in 2024. That compares with earlier calls for at least three cuts.

U.S. consumer prices were unchanged in May according to a report from the Labor Department, with the softer-than-expected reading weighing on the U.S. dollar internationally.

West Texas Intermediate crude oil was stronger, up by 0.58 per cent at US$78.35 per barrel.

The TSX Composite Index gained 74.21 points to close at 21,961.55 points.

Canada’s agricultural sector performed as follows:

Buhler Ind.———————-    $ 0.00    at $  2.09

Linamar Corp.——————–up  $ 0.29    at $ 68.99

Maple Leaf Foods—————–dn  $ 0.34    at $ 22.93

Nutrien Ltd.———————dn  $ 1.22    at $ 71.97

RB Global Inc.——————-up  $ 1.35    at $110.84

Farmers Edge Inc.—————-    $ 0.00    at $  0.345

(All figures are in Canadian dollars.)