WINNIPEG, July 28 (MarketsFarm) – The Canadian dollar was slightly stronger on Wednesday, finding some support from the latest interest rate announcement from the United States Federal Reserve.
The Canadian dollar closed at US$0.7958 or US$1=C$1.2566 on Wednesday, which compares with Tuesday’s North American close of US$0.7950 or US$1=C$1.2578.
The Fed left its key overnight rate unchanged, as expected, but had a generally favourable outlook for the U.S. economy despite the recent increase in the COVID-19 Delta variant. The Fed also announced that it will establish facilities to help provide a backstop in times of economic stress.
A firm tone in crude oil was supportive for the energy-linked Canadian currency. West Texas Intermediate was up by 0.91 per cent at US$72.30 per barrel.
The TSX Composite Index was stronger, up 57.05 points, or 0.28 per cent, to close at 20,230.40 points.
Canada’s agricultural sector performed as follows:
Buhler Industries—————- $ 0.00 at $ 3.08
Linamar Corp.——————–dn $ 0.21 at $ 72.10
Maple Leaf Foods—————–dn $ 0.01 at $ 24.71
Nutrien Ltd.———————up $ 0.67 at $ 74.54
Ritchie Bros Auctioneers Inc.—-dn $ 0.29 at $ 74.25
Farmers Edge Inc.—————-dn $ 0.20 at $ 10.40
(All figures are in Canadian dollars.)