WINNIPEG – The Canadian dollar continued its upward momentum on Wednesday hours after an announcement from the Bank of Canada (BoC).
The loonie closed at US$0.7437 or US$1=C$1.3447, compared to US$0.7417 or US$1=C$1.3483 on Tuesday. Canada’s central bank said it will leave its key interest rate unchanged at 4.5 per cent. However, the bank added in a statement that it will still consider raising the rate in the future in order to relieve inflation.
The United States Dollar Index dropped 0.65 of a point at 101.55.
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Crude oil jumped due to reduced exports from Russia, a large draw in U.S. inventories and upcoming production cuts from OPEC+. Brent crude oil surged US$1.62 per barrel to US$87.23. Meanwhile, West Texas Intermediate (WTI) grew US$1.71 at US$83.24/barrel.
The TSX/S&P Composite Index added 32.47 points to close at 20,454.32.
Gold increased US$9.30 at US$2,028.30 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.20
Farmer’s Edge Inc. up $ 0.025 at $ 0.225
Linamar Corp. up $ 0.13 at $ 63.14
Maple Leaf Foods dn $ 0.32 at $ 27.61
Nutrien Ltd. dn $ 1.60 at $ 97.08
Ritchie Bros Auctioneers Inc. up $ 0.05 at $ 78.90
(All figures are in Canadian dollars.)
