Canadian Financial Close: Loonie up after Fed cuts rates

Glacier FarmMedia | MarketsFarm – The Canadian dollar recovered most of its strength on Wednesday after taking a tumble on Tuesday.

The loonie was at US$0.7212 or US$1=C$1.3866, compared to US$0.7176 or US$1=C$1.3935 on Tuesday.

The United States Dollar Index dropped 0.74 of a point at 104.35. The Federal Reserve announced this afternoon it cut its key interest rates by 25 basis points.

Crude oil was slightly higher on Wednesday as the market adjusted to the U.S. election outcome. West Texas Intermediate (WTI) was up US$0.34 at US$72.03 per barrel. Brent crude oil advanced US$0.48 at US$75.40/barrel.

The TSX/S&P Composite Index had another successful day, gaining 208.48 points at 24,845.93.

Gold also showed signs of a recovery, adding $38.10 per ounce at US$2,714.40.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  2.40

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    dn  $ 0.30     at $ 58.57

Maple Leaf Foods                 dn  $ 0.11     at $ 22.47

Nutrien Ltd.                     dn  $ 1.21     at $ 67.84

RB Global Inc.                   dn  $ 0.61     at $123.82

(All figures are in Canadian dollars.)