By MarketsFarm
WINNIPEG, March 23 (MarketsFarm) – The Canadian dollar was stronger relative to its United States counterpart on Thursday, but off its highs for the session as a downturn in crude oil weighed on the energy-linked currency.
The Canadian dollar settled at US$0.7315 or US$1=C$1.3671 on Thursday, which compares with Wednesday’s close of US$0.7293 or US$1=C$1.3712.
On Wednesday, the U.S. Fed raised 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 turned lower on ideas the U.S. may take several years to refill its strategic reserve, with West Texas Intermediate crude oil down by 2.27 per cent at US$69.29 per barrel.
The TSX Composite Index lost 72.86 points or 0.37 per cent to close at 19,459.92 points.
Canada’s agricultural sector performed as follows:
Buhler Ind.———————- $ 0.00 at $ 2.30
Linamar Corp.——————–up $ 1.05 at $ 62.64
Maple Leaf Foods—————–up $ 0.11 at $ 24.24
Nutrien Ltd.———————dn $ 1.59 at $100.46
Ritchie Bros Auctioneers Inc.—-dn $ 0.02 at $ 74.46
Farmers Edge Inc.—————- $ 0.00 at $ 0.19
(All figures are in Canadian dollars.)
