Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Feb. 16 (MarketsFarm) – The Canadian dollar was stronger on Wednesday, as the United States dollar edged back and as the Bank of Canada hinted at raising its key interest rates.
The loonie closed at US$0.7883 or US$1=C$1.2686, compared to Tuesday’s close of US$0.7849 or US$1=C$1.2741.
On the U.S. Dollar Index, the greenback lost 0.203 of a point at 95.790, further weakening its position compared other major world currencies.
Statistics Canada reported that inflation reached 5.1 per cent in January, the highest level since September 1991. Analysts expected inflation to remain at its December level of 4.8 per cent. Following this, Bank of Canada Deputy Governor Tim Lane suggested key interest rates could be raised as soon as next month.
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Benchmark crude oil prices moved lower on Wednesday, as the U.S. and Iran announced they are getting closer to an agreement for the U.S. to end sanctions and Iran.
Brent crude oil fell back US$1.89 at US$91.39 per barrel. West Texas Intermediate (WTI) crude oil lost US$1.84 at US$90.23 per barrel. Western Canadian Select (WCS) was up 32 cents at US$77.96 per barrel.
The TSX Composite Index pulled back on Wednesday, losing 118.91 points to finish at 21,383.64.
Gold gained US$13.40 at US$1,869.60 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.01
Farmers Edge Inc. up $ 0.16 at $ 3.24
Linamar Corp. dn $ 0.24 at $ 68.60
Maple Leaf Foods up $ 0.08 at $ 32.39
Nutrien Ltd. up $ 0.55 at $ 95.28
Ritchie Bros Auctioneers Inc. dn $ 0.46 at $ 73.54
(All figures are in Canadian dollars.)
