Canadian Financial Close: Loonie, crude oil move backwards

Glacier FarmMedia | MarketsFarm – The Canadian dollar took a step back on Wednesday.

The loonie ended the day at US$0.7248 or US$1=C$1.3796, compared to US$0.7255 or US$1=C$1.3783 on Tuesday. Statistics Canada reported today that that February retail sales totaled C$56.9 billion, up one per cent from January.

The United States Dollar Index jumped 0.67 of a point at 99.91. The U.S. Federal Reserve announced today it left its key interest rate unchanged at 4.3 per cent, adding there is a greater chance of higher unemployment and higher inflation.

Oversupply fears and planned trade talks between the U.S. and China weighed on crude oil prices. Brent crude oil lost US$1.14 at US$61.01 per barrel. West Texas Intermediate retreated US$1.09 at US$58/barrel.

The TSX/S&P Composite Index rose 186.46 points at 25,161.18.

Gold dropped US$43.70 per ounce at $3,379.40.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  7.29

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    up  $ 0.94     at $ 53.08

Maple Leaf Foods                 up  $ 0.19     at $ 25.13

Nutrien Ltd.                     up  $ 0.62     at $ 78.40

RB Global Inc.                   up  $ 1.82     at $142.21

(All figures are in Canadian dollars.)