By Commodity News Service Canada
WINNIPEG, Sept. 7 – The Canadian dollar, still riding the wave caused by the Bank of Canada’s interest rate increase on Wednesday, reached a high of US$0.8238 or C$1.2139 per US$1 today before slipping back slightly. At close, the dollar was at US$0.8232 or C$1.2148 per US$1. It closed Wednesday at US$0.8154 or C$1.2264 per US$1.
Most analysts believe the Bank of Canada is done with interest rate hikes for 2017, according to a Reuters poll. The bank raised rates to 1.0% from 0.75% Wednesday, catching many industry watchers off guard. The median forecast of 10 Canadian primary banks that deal directly with the Bank of Canada expects the central bank to hold off on further rate hikes until 2018, the Reuters poll stated.
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The S&P/TSX composite fell 35.30 points (0.23%) to 15,024.53. The telecommunications and energy sectors took the largest hits with falls of 1.53% and 0.62% respectively. Information technology gained 1.03%.
U.S. oil prices fell following a government report showing the first increase in crude inventories in the U.S. in 10 weeks. WTI crude fell 8 cents U.S. or 0.165% to US$49.08.
Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–up $ 0.42 at $ 24.86
Agrium Incorporated———-dn $ 0.17 at $121.01
Buhler Industries————– $ 0.00 at $ 4.45
Maple Leaf Foods————-up $ 0.02 at $ 34.03
Potash Corp. of Sask———dn $ 0.06 at $ 21.55
(All figures are in Canadian dollars.)
