WINNIPEG – The Canadian dollar made a small gain on Wednesday after an announcement from the Bank of Canada (BoC).
The loonie closed at US$0.7331 or US$1=C$1.3640, up from US$0.7327 or US$1=C$1.3649 on Tuesday. The BoC announced on Wednesday it has raised its key interest rate by 50 basis points to 4.25 per cent, its highest level since 2008, in an effort to combat inflation. It was the sixth straight time the BoC raised its key interest rate.
The United States Dollar Index declined 0.43 of a point at 105.15.
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Crude oil prices were lower on Wednesday due to less demand. Brent crude oil retreated US$1.83 per barrel to US$77.52. West Texas Intermediate (WTI) crude oil dropped US$1.80 at US$72.45/barrel. Western Canadian Select (WCS) was down US$1.07/barrel to US$45.82
The TSX/S&P Composite Index shed 16.95 points to 19,973.22.
Gold gained US$16.40 at US$1,798.80 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 1.75
Farmer’s Edge Inc. dn $ 0.02 at $ 0.33
Linamar Corp. up $ 0.45 at $ 63.94
Maple Leaf Foods dn $ 0.15 at $ 24.07
Nutrien Ltd. dn $ 1.55 at $104.10
Ritchie Bros Auctioneers Inc. up $ 1.04 at $ 75.60
(All figures are in Canadian dollars.)
