WINNIPEG – The Canadian dollar retreated on Wednesday as the Bank of Canada (BoC) announced its latest key interest rate hike.
The loonie closed at US$0.7467 or US$1=C$1.3393, down from US$0.7479 or US$1=C$1.3370 on Tuesday. BoC increased its key interest rate by 25 basis points to 4.5 per cent, the eighth straight time the central bank raised the rate. The key interest rate is now at its highest level in 15 years, but BoC said it does not plan on any more rate hikes in the near future.
The United States Dollar Index lost 0.27 of a point at 101.65.
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Crude oil prices made slight gains on Wednesday. Brent crude oil added US$0.25 per barrel to US$86.38. West Texas Intermediate (WTI) increased US$0.35 at US$80.48/barrel. Western Canadian Select (WCS) gained US$0.19/barrel to US$57.07.
The TSX/S&P Composite Index was down 29.95 points to 20,599.60.
Gold was up US$11.70 at US$1,947.10 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.14
Farmer’s Edge Inc. dn $ 0.01 at $ 0.26
Linamar Corp. up $ 0.31 at $ 63.93
Maple Leaf Foods dn $ 0.16 at $ 25.19
Nutrien Ltd. up $ 0.82 at $106.09
Ritchie Bros Auctioneers Inc. dn $ 0.70 at $ 77.87
(All figures are in Canadian dollars.)
