Canadian Financial Close: Loonie pushes above 71 cents

By Glen Hallick

Glacier Farm Media | MarketsFarm – The Canadian dollar gained almost a quarter cent on Wednesday, getting some support from improved crude oil prices.

The loonie closed at US$0.7113 or US$1=C$1.4059 compared to Tuesday’s close of US$0.7090 or US$1=C$1.4104. On the U.S. Dollar Index, the greenback dipped 0.069 of a point at 99.520.

Benchmark crude oil prices were higher on Wednesday, coming away from one-month lows hit on Tuesday. Uncertainty over a possible Russia-Ukraine peace deal spurred the upswing, which was tempered by concerns about global oversupply.

West Texas Intermediate rose 64 cents at US$58.59 and Brent crude increased 52 cents at US$63.00 per barrel.

The TSX Composite Index eclipsed the 31,000 mark on Wednesday, advancing 279.60 points at 31,180.25, which set a new record close for the second day in a row. During today’s session, the TSX peaked a little above 31,200.

Gold added US$20.50 at US$4,197.80 per ounce.

The Canadian government announced on Wednesday that it will chop the import quota on foreign steel by 30 points at 20 per cent of 2024 levels from countries without a free trade deal with Canada. Import quotas for countries with a deal will see a 25-point cut at 75 per cent of 2024 levels.