By Commodity News Service Canada
WINNIPEG, Aug. 9 – The Canadian dollar dipped lower today, as the war of words continued between United States and North Korea. Currencies from commodity-heavy economies are more sensitive to issues that might affect world trade. Rising oil prices, meanwhile, provided support.
The Canadian dollar closed at US$0.7870 or C$1.2705 per US$1, compared to Tuesday’s close of US$0.7891 or C$1.2672 per US$1.
The S&P/TSX composite index fell 39.02 points, or 0.26%, to close at 15,217.33. Investors turned to traditional safe haven investments, which sent gold up US$19 to end the day at US$1,281.60. Valeant Pharmaceuticals and financial stocks led the retreat.
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Oil climbed slightly amid reports of lower crude oil inventories in the United States and a surprise increase in gasoline supply. The U.S. crude inventory dropped for a sixth straight week, showing a decline of 6.45 million barrels. Demand is also strong. WTI crude gained 39 cents U.S. and reached US$49.56. The Brent crude benchmark for light, sweet oil, ended the day at US$52.70 per barrel, up 56 cents U.S.
Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–dn $ 0.17 at $ 24.60
Agrium Incorporated———-dn $ 0.10 at $124.27
Buhler Industries————– $ 0.00 at $ 4.16
Maple Leaf Foods————-dn $ 0.26 at $ 34.49
Potash Corp. of Sask———dn $ 0.08 at $ 22.29
(All figures are in Canadian dollars.)
