Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Oct. 12 (MarketsFarm) – The Canadian dollar slid downward Wednesday to some of its lowest levels in two years, due to inflation worries in the United States and weaker crude oil prices.
The loonie finished the day at US$0.7245 or US$1=C$1.3802, compared to Tuesday’s close of US$0.7260 or US$1=C$1.3775.
On the U.S. Dollar Index, the greenback nudged up 0.082 of a point at 113.210.
Benchmark crude oil prices pulled back on Wednesday over concerns that rising inflation in the U.S. coupled with future interest rate hikes by the Federal Reserve could stymie demand.
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Brent crude oil stepped back US$2.10 at US$92.19 per barrel. West Texas Intermediate (WTI) crude oil lost US$2.51 at US$86.84/barrel. Western Canadian Select (WCS) gave up US$2.79 at US$54.66 per barrel.
The TSX Composite Index closed relatively flat with a dip of 10.40 points to finish Wednesday at 18,206.28.
Gold was down US$5.90 at US$1,680.10 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.02
Farmers Edge Inc. up $ 0.01 at $ 0.53
Linamar Corp. dn $ 1.22 at $ 54.87
Maple Leaf Foods up $ 0.21 at $ 20.37
Nutrien Ltd. up $ 0.49 at $114.37
Ritchie Bros Auctioneers Inc. dn $ 0.20 at $ 83.19
(All figures are in Canadian dollars.)
