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Canadian Financial Close: Loonie supported by crude oil

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Glacier FarmMedia MarketsFarm – The Canadian dollar jumped to its highest point in nearly three weeks on Wednesday, supported by crude oil prices.

The loonie closed at US$0.7279 or US$1=C$1.3739, compared to US$0.7250 or US$1=C$1.3794 on Tuesday.

However, the United States Dollar Index was up 0.23 of a point at 103.20.

Rising tensions in the Middle East allowed crude oil prices to surge. West Texas Intermediate (WTI) rose US$2.16 at US$75.36 per barrel. Brent crude oil advanced US$1.96 at US$78.44/barrel.

The TSX Composite Index was still moving lower, but only by 98.41 points to close at 21,880.95.

Gold was down US$6.90 at US$2,424.70 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  2.03

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    dn  $ 0.29     at $ 61.19

Maple Leaf Foods                 dn  $ 0.07     at $ 25.43

Nutrien Ltd.                     dn  $ 0.25     at $ 64.73

RB Global Inc.                   dn  $ 2.02     at $106.10

(All figures are in Canadian dollars.)