Canadian Financial Close: Loonie, crude oil advance

The Canadian dollar reached its highest close in nine days on Wednesday, aided by higher crude oil prices.

The loonie closed at US$0.7235 or US$1=C$1.3821 on Wednesday, compared to US$0.7227 or US$1=C$1.3837 on Tuesday.

The United States Dollar Index was unchanged at 98.23 points.

Crude oil prices recovered some of its Tuesday losses despite the war in Ukraine and newly implemented 50 per cent tariffs imposed by the U.S. on Indian imports. West Texas Intermediate gained US$0.60 per barrel at US$63.85. Brent crude oil rose US$0.56/barrel at US$67.78.

The TSX/S&P Composite Index finished the day just shy of the all-time record, adding 93.12 points at 28,433.00. Meanwhile, the S&P 500 hit a record high of 6,487.06 earlier today ahead of the release of Nvidia’s quarterly earnings report.

Gold jumped US$15.60 per ounce at $3,448.60.