Compiled by MarketsFarm
WINNIPEG, Feb. 8 (MarketsFarm) – The Canadian dollar held relatively steady on Wednesday as pressure from a small increase in the United States dollar helped to balance off support from crude oil.
The loonie closed at US$0.7447 or US$1=C$1.3429, compared to Tuesday’s close of US$0.7443 or US$1=C$1.3432. On the U.S. Dollar Index, the greenback nudged up 0.052 of a point at 103.350.
For the first time ever the Bank of Canada released a summary of the deliberations its governor, Tiff Macklem, and the central bank’s deputies had two weeks ago in deciding on another interest rate increase. The governing council unanimously agreed that the Canadian economy had yet to fully feel the effects of the rate hikes and a raise of 25-basis points to 4.5 per cent was required.
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Benchmark crude oil prices were higher on Wednesday as U.S. refiners signaled their demand will increase during 2023.
Brent crude oil advanced US$1.37 at US$85.06 per barrel and West Texas Intermediate (WTI) gained US$1.28 at US$78.42. Western Canadian Select (WCS) tacked on 77 cents at US$59.08.
The TSX Composite Index finished Wednesday down 45.46 points at 20,679.54.
Gold was up US$2.90 at US$1,887.70 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.10 at $ 2.20 Farmers Edge Inc. dn $0.005 at $ 0.260 Linamar Corp. dn $ 0.35 at $ 73.82 Maple Leaf Foods up $ 0.22 at $ 26.17 Nutrien Ltd. dn $ 3.61 at $105.21 Ritchie Bros Auctioneers Inc. up $ 1.24 at $ 84.27
(All figures are in Canadian dollars.)
