Canadian Financial Close: Loonie climbs higher by more than four-tenths
U.S. greenback takes a tumble
Compiled by MarketsFarm
WINNIPEG, July 12 (MarketsFarm) – The Canadian dollar was stronger on Wednesday, benefitting largely from a weaker United States counterpart, along with small gains in crude oil prices.
The loonie closed at US$0.7583 or US$1=C$1.32188, compared to Tuesday’s finish of US$0.7541 or US$1=C$1.3260. On the U.S. Dollar Index the greenback fell sharply by 1.183 points at 100.220.
Benchmark crude oil prices were modestly higher on Wednesday, as Russian production cuts were being felt.
Brent crude oil added 88 cents at US$80.28 per barrel, while West Texas Intermediate (WTI) gained US$1.06 at US$75.89, and Western Canadian Select (WCS) tacked on 43 cents at US$64.01.
As widely expected, the Bank of Canada upped its key interest today by 25 basis points, with it now at five per cent, the highest level in 22 years.
The TSX Composite Index advanced 192.21 points on Wednesday to close at 20,070.77.
Gold jumped US$26.60 at US$1,963.70 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.10 Farmers Edge Inc. unchanged at $ 0.19 Linamar Corp. up $ 2.07 at $ 73.48 Maple Leaf Foods up $ 0.19 at $ 25.96 Nutrien Ltd. dn $ 1.41 at $ 78.30 Ritchie Bros Auctioneers Inc. dn $ 1.08 at $ 79.59
(All figures are in Canadian dollars)
