Canadian Financial Close: Loonie up, crude oil falls

Glacier FarmMedia MarketsFarm – The Canadian dollar recovered some of its losses from Tuesday.

The loonie closed at US$0.7375 or US$1=C$1.3559 on Wednesday, compared to US$0.7363 or US$1=C$1.3581 on Tuesday.

The United States Dollar Index declined by 0.01 of a point at 103.42 after rising as high as 104.13 during the day. The U.S. Federal Reserve announced today it will not cut its key interest rates immediately, but indicated there will be three rate cuts later this year.

Crude oil prices pulled back from overbought positions on Wednesday. Brent crude oil dropped US$1.21 at US$86.17 per barrel. West Texas Intermediate (WTI) fell US$1.79 at US$81.68/barrel.

The TSX/S&P Composite Index rose 185.13 points at 22,045.71.

Gold climbed US$27.10 at US$2,186.80 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  2.07

Farmer’s Edge Inc.               up  $ 0.05     at $  0.35

Linamar Corp.                    up  $ 1.46     at $ 71.00

Maple Leaf Foods                 up  $ 0.15     at $ 23.60

Nutrien Ltd.                     up  $ 0.39     at $ 72.40

RB Global Inc.                   up  $ 0.23     at $103.45

(All figures are in Canadian dollars.)