Canadian Financial Close: No rate changes from U.S. Fed

Glacier FarmMedia MarketsFarm – The Canadian dollar dipped on Wednesday while the United States Federal Reserve’s latest decision on key interest rates broadly affected the markets.

The loonie closed at US$0.7268 or US$1=C$1.3759, compared to US$0.7275 or US$1=C$1.3746 on Tuesday.

The U.S. Dollar Index declined 0.20 of a point at 106.02. The Fed announced earlier today it will wait a bit longer before cutting its key interest rates, leaving them unchanged. Many observers believe that the central bank won’t cut rates until July.

Along with news from the Fed, crude oil prices fell due to reports that Israel may accept a possible ceasefire agreement with itself and Hamas lasting more than six weeks. Brent crude oil lost US$2.80 at US$83.53 per barrel. West Texas Intermediate (WTI) tumbled US$2.79 at US$79.14/barrel.

The TSX/S&P Composite Index gained 14.01 points at 21,728.55.

Gold recovered some of Tuesday’s losses by rising US$21.90 at US$2,324.80 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  2.23

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    dn  $ 0.52     at $ 64.31

Maple Leaf Foods                 dn  $ 0.03     at $ 22.34

Nutrien Ltd.                     dn  $ 0.37     at $ 72.22

RB Global Inc.                   dn  $ 0.27     at $ 98.23

(All figures are in Canadian dollars.)