Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Nov. 23 (MarketsFarm) – The Canadian dollar was virtually unchanged on Wednesday as strength for the loonie from a weaker United States dollar was effectively countered by a round of sharp losses in crude oil.
The loonie closed at US$0.7467 or US$1=C$1.3392, compared to Tuesday’s close of US$0.7465 or US$1=C$1.3396.
On the U.S. Dollar Index, the greenback incurred a steep pull back of 1.125 points at 105.990. The decline came after the Federal Reserve said it would consider slowing the pace of interest rate increases.
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Benchmark crude oil prices were weaker on Wednesday as U.S. stocks of gasoline and distillate increased even though crude inventories shrunk.
Brent crude oil fell US$3.59 at US$84.77 per barrel. West Texas Intermediate (WTI) crude oil gave up US$3.51 at US$77.44/barrel. Western Canadian Select (WCS) dropped US$3.27 at US$50.75/barrel.
The TSX Composite Index made a small advance of 62.25 points to finish Wednesday at 20,282.26.
Gold added US$11.20 at US$1,751.10 per ounce.
The U.S. markets will be closed Thursday for the Thanksgiving holiday.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 1.85 Farmers Edge Inc. up $ 0.02 at $ 0.32 Linamar Corp. up $ 0.46 at $ 65.70 Maple Leaf Foods up $ 0.57 at $ 24.95 Nutrien Ltd. dn $ 1.43 at $106.82 Ritchie Bros Auctioneers Inc. dn $ 1.29 at $ 71.55
(All figures are in Canadian dollars.)
