Canadian Financial Close: Loonie higher, crude oil weakens

After a week of declines, the Canadian dollar made its way closer to the 74 United States cent mark on Wednesday.

The loonie closed at US$0.7394 or US$1=C$1.3525, compared to US$0.7381 or US$1=C$1.3548 on Tuesday. The Bank of Canada announced earlier today it has cut its key interest rate by another 25 basis points at 4.25 per cent.

The United States Dollar Index dropped 0.49 of a point at 101.34.

Crude oil fell again over demand concerns, including OPEC+ considering a delay to its October output increase. West Texas Intermediate (WTI) erased US$1.49 at US$68.85 per barrel. Brent crude oil lost US$1.37 at US$72.38/barrel.

The TSX Composite Index was relatively steady, down 1.69 points at 23,040.76.

Gold increased US$1.80 at US$2,524.80 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      up  $ 0.05     at $  2.45

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    up  $ 0.44     at $ 62.09

Maple Leaf Foods                 up  $ 0.18     at $ 22.30

Nutrien Ltd.                     up  $ 0.54     at $ 63.46

RB Global Inc.                   dn  $ 0.60     at $113.55

(All figures are in Canadian dollars.)