By MarketsFarm
WINNIPEG, Sep. 28 (MarketsFarm) – The Canadian dollar was stronger on Wednesday, seeing a recovery after falling to its weakest level in over two years relative to its United States counterpart on Tuesday.
The Canadian dollar settled at US$0.7321 or US$1=C$1.3660 on Wednesday, which compares with Tuesday’s close of US$0.7285 or US$1=C$1.3726.
A surprise move by the Bank of England to buy back long-dated British bonds in an attempt to restore financial stability sent ripples through the equity and currency markets, with broad selling pressure against the U.S. dollar providing support for the Canadian currency.
Strength in crude oil was also supportive, with West Texas Intermediate crude oil up by 4.41 per cent at US$81.96 per barrel.
The TSX Composite Index was stronger, up 341.01 points or 1.86 per cent to close at 18,648.92 points.
Canada’s agricultural sector performed as follows:
Buhler Ind.———————- $ 0.00 at $ 1.95
Linamar Corp.——————–up $ 0.28 at $ 60.68
Maple Leaf Foods—————–up $ 0.18 at $ 20.83
Nutrien Ltd.———————up $ 1.84 at $117.81
Ritchie Bros Auctioneers Inc.—-up $ 1.61 at $ 88.64
Farmers Edge Inc.—————-dn $ 0.02 at $ 0.63
(All figures are in Canadian dollars.)
