WINNIPEG – The Canadian dollar was stronger on Wednesday, seeing a recovery after weakening sharply on Tuesday.
The Canadian dollar settled at US$0.7403 or US$1=C$1.3508 on Wednesday, which compares with Tuesday’s close of US$0.7365 or US$1=C$1.3578.
Comments from United States Federal Reserve chair Jerome Powell indicating the U.S. central bank would be taking a less aggressive stance on interest rate hikes going forward weighed on that country’s currency, accounting for some of the relative strength in the Canadian dollar.
Gains in crude oil were also supportive, as declining U.S. inventories and expectations for easing COVID-19 restrictions saw West Texas Intermediate up by 2.8 per cent at US$80.41 per barrel.
The TSX Composite Index was stronger, up 175.85 points or 0.87 per cent to close at 20,453.26 points.
Canada’s agricultural sector performed as follows:
Buhler Ind.———————-up $ 0.16 at $ 1.83
Linamar Corp.——————–dn $ 0.17 at $ 66.03
Maple Leaf Foods—————–up $ 0.39 at $ 25.44
Nutrien Ltd.———————dn $ 2.76 at $108.11
Ritchie Bros Auctioneers Inc.—-up $ 1.38 at $ 73.75
Farmers Edge Inc.—————-dn $ 0.02 at $ 0.31
(All figures are in Canadian dollars.)
