By Commodity News Service Canada
WINNIPEG, Sept. 5 – The Canadian dollar rose against the U.S. greenback today, largely due to increases in oil prices. Investors were also considering if the Bank of Canada will move to hike interest rates tomorrow, although most polled by Reuters thought the bank would wait until October.
The Canadian dollar closed at US$0.8083 or C$1.2371 per US$1, compared to a Sept. 1 close of US$0.8081, or C$1.2390 per US$1.
Oil prices climbed through the day as refineries in Texas gradually restarted following the forced closures caused by Hurricane Harvey. WTI crude was up 1.23 cents U.S. to US$48.52.
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The S&P/TSX composite index fell 101 points to close at 15,090.15 with most sectors posting losses. Financials took an especially steep decline, falling by 1.2%, as bank and insurance stocks led the sell-off. Energy, particularly oil, countered the downward trend, with oil up 2.73%. North Korean tensions and another hurricane headed toward the southern United States were cited as reasons for the uneasy markets.
The United States has taken a hard line at the second round of negotiations over the North American Free Trade Agreement in Mexico today. The U.S. is insisting on concessions from Canada and Mexico with no concessions forthcoming from the American side, say reports from Mexico City.
Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–dn $ 0.54 at $ 25.19
Agrium Incorporated———-dn $ 1.46 at $120.32
Buhler Industries————– $ 0.00 at $ 4.45
Maple Leaf Foods————-dn $ 0.47 at $ 33.98
(All figures are in Canadian dollars.)
