Canadian Financial Close: Loonie sheds a few points
Crude slips back, greenback firm
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar edged lower on Wednesday due to weaker crude oil prices, while the United States dollar was relatively steady.
The loonie closed Wednesday at US$0.7109 or US$1=1.4066, compared to Tuesday’s finish of US$0.7114 or US$1=1.4056. On the U.S. Dollar Index, the greenback dipped 0.020 of a point at 106.320.
Benchmark crude oil prices stepped back on Wednesday, ahead of Friday’s OPEC+ meeting at which the alliance’s is expected to continue its output reductions to the end of March. A larger-than-expected drop in U.S. crude stockpiles tempered further declines.
Brent crude oil gave up US$1.09 at US$72.53 per barrel and West Texas Intermediate lost US$1.14 at US$68.80.
The TSX Composite Index nudged up 5.45 points on Wednesday to close at 25,641.18.
Gold added US$6.50 at US$2,674.50 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.88 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 0.30 at $ 63.10 Maple Leaf Foods dn $ 0.23 at $ 23.20 Nutrien Ltd. dn $ 1.07 at $ 67.57 RB Global Inc. up $ 0.98 at $138.11
(All figures are in Canadian dollars)
