By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar jumped more than a half cent on Wednesday, propelled by more weakness in its United States counterpart while gains were tempered by declines in crude oil.
The loonie closed Wednesday at US$0.6959 or US$1=C$1.4370, compared to Tuesday’s finish of US$0.6902 or US$1=C$1.4489.
On the U.S. Dollar Index, the greenback fell 1.397 points at 104.290, approaching lows not seen in almost four months due to the Trump administration’s tariff policies.
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U.S. President Donald Trump announced today that the auto industry will get a one-month reprieve from his tariffs. Also, Canadian Prime Minister Justin Trudeau spoke with Trump today, with the two discussing fentanyl and trade, but details have yet to made public.
Benchmark crude oil prices lost ground on Wednesday faced with larger U.S. stockpiles and coming output increases from OPEC+.
Brent crude oil gave up US$1.65 at US$69.39 per barrel and West Texas Intermediate lost US$1.89 at US$66.37.
The TSX Composite Index regained 298.82 points on Wednesday, to close at 24,870.82 recovering a large chunk of the previous day’s losses.
Gold rose US$7.40 at US$2,928.00 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.02 at $ 7.20 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 2.01 at $ 50.74 Maple Leaf Foods up $ 0.73 at $ 25.35 Nutrien Ltd. up $ 1.39 at $ 71.60 RB Global Inc. dn $ 2.08 at $143.62
(All figures are in Canadian dollars)
