WINNIPEG – The Canadian dollar declined on Wednesday after the release of economic news from Statistics Canada (StatCan).
The loonie closed at US$0.7627 or US$1=C$1.3111, down from US$0.7648 or US$1=C$1.3076 on Tuesday. The central data agency reported on Wednesday that Canada’s economy grew by an annual rate of 3.3 per cent in July, lower than analysts’ estimates of 4.4 per cent. StatCan also estimated that the economy contracted by 0.1 per cent last month.
The United States Dollar Index was virtually unchanged, down 0.06 of a point to 108.71.
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Crude oil prices continued its recent slump, even after OPEC+ announced it was tightening its supply outlook for the rest of 2022 and all of 2023. Brent crude oil fell US$2.82 per barrel to US$96.49. West Texas Intermediate (WTI) crude oil dropped US$2.74 at US$88.90/barrel. Western Canadian Select (WCS) lost US$3.11 per barrel to US$68.89.
The TSX/S&P Composite Index retreated 182.09 points at 19,330.81.
Gold stepped back US$14.00 at US$1,722.30 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. up $ 0.17 at $ 2.09
Farmer’s Edge Inc. unchanged at $ 0.60
Linamar Corp. dn $ 0.55 at $ 62.09
Maple Leaf Foods dn $ 0.11 at $ 23.17
Nutrien Ltd. dn $ 2.61 at $120.57
Ritchie Bros Auctioneers Inc. dn $ 0.38 at $ 90.98
(All figures are in Canadian dollars.)
