Canadian Financial Close: Loonie loses more ground to greenback
Stronger crude oil limits declines
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar pulled back by nearly a quarter of a cent on Wednesday, as its United States counterpart continued to rebound. Meanwhile, declines in the loonie were tempered by sharp upticks in global crude oil prices.
The Canadian dollar closed at US$0.7487 or US$1=C$1.33356, compared to Tuesday’s finish of US$0.7510 or US$1=C$1.3316. On the U.S. Dollar Index, the greenback added 0.274 of a point at 102.165.
Benchmark crude oil prices were significantly higher on Wednesday, following protests that shutdown the El Sharara oil field in Libya as well as concerns over more threats to shipping in the Red Sea by Iran-backed Houthi rebels in Yemen.
Brent crude oil climbed US$2.55 at US$78.55 per barrel, and West Texas Intermediate advanced US$2.59 at US$72.97.
The TSX Composite Index lost 53.56 points on Wednesday at 20,818.58.
Gold dropped US$24.00 at US$2,049.40 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.45 Farmers Edge Inc. dn $ 0.04 at $ 0.26 Linamar Corp. dn $ 1.51 at $ 62.47 Maple Leaf Foods dn $ 0.14 at $ 24.93 Nutrien Ltd. dn $ 0.16 at $ 75.86 RB Global Inc. dn $ 0.91 at $ 87.66
(All figures are in Canadian dollars)
