Canadian Financial Close: C$ strengthens with crude

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar was stronger on Wednesday, underpinned by gains in crude oil.

The Canadian dollar settled at US$0.7423 or US$1=C$1.3472 on Wednesday, which compares with Tuesday’s close of US$0.7408 or US$1=C$1.3499.

Commercial crude oil stocks in the United States fell by 5.5 million barrels during the week ended March 8, according to initial data from the American Petroleum Institute. Expectations had been for a small increase. Forecasts from OPEC calling for increasing global oil demand over the next two years added to the strength in crude oil, despite ongoing uncertainty over the Chinese economy.

West Texas Intermediate crude oil was up by 2.66 per cent at US$79.62 per barrel.

The TSX Composite Index increased by 139.09 points to close at 21,970.11 points.

Canada’s agricultural sector performed as follows:

Buhler Ind.———————-    $ 0.00    at $  2.16

Linamar Corp.——————–dn  $ 0.15    at $ 70.21

Maple Leaf Foods—————–up  $ 0.22    at $ 23.18

Nutrien Ltd.———————up  $ 0.91    at $ 72.38

RB Global Inc.——————-up  $ 0.43    at $102.50

Farmers Edge Inc.—————-up  $ 0.005   at $  0.35

(All figures are in Canadian dollars.)