By MarketsFarm
WINNIPEG, March 22 (MarketsFarm) – The Canadian dollar held steady relative to its United States counterpart on Wednesday, as currency traders reacted to the latest interest rate hike from the United States Federal Reserve.
The Canadian dollar settled at US$0.7293 or US$1=C$1.3712 on Tuesday, which compares with Tuesday’s close of US$0.7296 or US$1=C$1.3706.
The U.S. Fed raised its key overnight rates by 25-basis points, which was widely anticipated. The accompanying statement was seen as indicating that there may be a pause in subsequent rate increases for the time being due to uncertainty in the global financial markets.
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Crude oil was firm on the day, with West Texas Intermediate crude oil up by 0.44 per cent at US$69.98 per barrel.
The TSX Composite Index was down by 122.14 points or 0.62 per cent to close at 19,532.78 points.
Canada’s agricultural sector performed as follows:
Buhler Ind.———————- $ 0.00 at $ 2.30
Linamar Corp.——————–up $ 0.38 at $ 61.59
Maple Leaf Foods—————–dn $ 0.12 at $ 24.13
Nutrien Ltd.———————dn $ 1.05 at $102.05
Ritchie Bros Auctioneers Inc.—-up $ 1.50 at $ 74.48
Farmers Edge Inc.—————-dn $ 0.01 at $ 0.19
(All figures are in Canadian dollars.)
