Canadian Financial Close: Loonie’s slide tries to level out
Central bank differences leads to lowest levels in four years
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar was relatively steady on Wednesday as it remained at levels unseen since 2020.
The loonie closed at US$0.7186 or US$1=C$1.3915, compared to Tuesday’s finish of US$0.7189 or US$1=C$1.3911. On the United States Dollar Index, the greenback gave up 0.246 of a point at 103.945.
The Canadian dollar has reportedly pulled back recently because of differences in central bank interest rates between Canada and the U.S.
Benchmark crude oil prices were higher on Wednesday, due to a possible delay to OPEC+ increasing its output in December and reduced U.S. stockpiles.
Brent crude oil gained US$1.66 at US$72.78 per barrel and West Texas Intermediate added US$1.64 at US$68.85.
The TSX Composite Index stepped back 54.76 points on Wednesday to close at 24,507.79.
Gold advanced US$16.90 at US$2,798.00 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.02 at $ 2.45 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.34 at $ 58.83 Maple Leaf Foods up $ 0.10 at $ 21.35 Nutrien Ltd. up $ 0.28 at $ 66.68 RB Global Inc. dn $ 0.72 at $119.87
(All figures are in Canadian dollars)
