WINNIPEG – The Canadian dollar was on the positive side of unchanged on Wednesday after the United States Federal Reserve announced another key interest rate hike.
The loonie closed at US$0.7769 or US$1=C$1.2872, up from US$0.7762 or US$1=C$1.2883 on Tuesday. The Fed announced it raised its key interest rate by 75 basis points for the second straight time and did not rule out any more rate increases in the near future. The U.S. Dollar Index dropped 0.73 of a point to 106.46.
Despite the Fed’s rate hike, crude oil prices rallied on Wednesday, mainly due to increased demand and tightening supply. Brent crude oil gained US$3.03 per barrel at US$107.43. West Texas Intermediate (WTI) crude oil rose US$3.17 at US$98.15/barrel. Western Canadian Select (WCS) increased US$1.10 per barrel to US$75.66.
Read Also
Global Markets: PM, premiers to meet for summit
Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally. –…
Just like U.S. stock markets, the TSX/S&P Composite Index also rallied, growing 281.88 points at 19,254.56.
Gold surged US$16.00 at US$1,751.70 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.39
Farmer’s Edge Inc. dn $ 0.06 at $ 1.26
Linamar Corp. up $ 0.90 at $ 57.28
Maple Leaf Foods dn $ 0.08 at $ 25.87
Nutrien Ltd. up $ 0.71 at $107.06
Ritchie Bros Auctioneers Inc. up $ 0.32 at $ 89.30
(All figures are in Canadian dollars.)
