Canadian Financial Close: Loonie closes above 73 U.S. cents
BoC holds key rates steady
Canadian Financial Close: Loonie closes above 73 U.S. cents
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar added a quarter on Wednesday, busting through the 73-cent mark following the interest rate announcement from the Bank of Canada.
The loonie finished at US$0.7312 or US$1=C$1.3677, compared to Tuesday’s close of US$0.7287 or US$1=C$1.3723.
The BoC said it froze its key rates for now, with the overnight held at 2.75 per cent, because of economic uncertainty being created by United States tariffs.
Meanwhile, the U.S. Dollar Index pulled back 0.404 of a point at 98.755.
Benchmark crude oil prices were lower on Wednesday due to an unexpectedly large build up of U.S. fuel supplies.
Brent crude gave up 83 cents at US$64.80 per barrel and West Texas Intermediate was down 75 cents at US$62.66.
The TSX Composite Index lost 97.64 points on Wednesday, to close at 26,329.00.
Gold advanced US$21.40 at US$3,398.50.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 7.29 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.89 at $ 62.04 Maple Leaf Foods up $ 0.03 at $ 27.80 Nutrien Ltd. up $ 0.51 at $ 82.52 RB Global Inc. dn $ 2.09 at $143.69
(All figures are in Canadian dollars)
