Canadian Financial Close: Loonie loses ground
Stronger greenback, declines in crude
The Canadian dollar dipped slightly on Wednesday as crude oil eased back, and the United States dollar posted a strong increase.
The loonie closed at US$0.7146 or US$1=C$1.3993 compared to Tuesday’s finish of US$0.7153 or US$1=1.3981. On the U.S. Dollar Index, the greenback gained 0.477 of a point at 106.620.
Benchmark crude oil prices stepped back on Wednesday, as an increase in U.S. stockpiles edged out Middle East tensions and the recent escalation in the Russia-Ukraine war.
Brent crude oil slipped 17 cents at US$73.14 per barrel and West Texas Intermediate lost 52 cents at US$68.87.
The TSX Composite Index tacked on 25.69 points on Wednesday to close at 25,036.46.
Gold advanced US$21.60 at US$2,652.60 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.07 at $ 2.88 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 0.41 at $ 60.17 Maple Leaf Foods dn $ 0.02 at $ 22.62 Nutrien Ltd. up $ 0.54 at $ 64.17 RB Global Inc. up $ 0.32 at $131.07
(All figures are in Canadian dollars)
