By Commodity News Service Canada
Sept. 21 – The Canadian dollar slipped against its U.S. counterpart but managed to regain earlier losses in late-day trading. The dollar was battered by weaker oil prices and a stronger U.S. currency lifted by prospects that the U.S. Federal Reserve is still pondering interest rate hikes for 2017. Stronger than expected data on Canadian wholesale sales counteracted the losses after a Statistics Canada report showed a 1.5 per cent increase in July sales trade compared to June. The loonie closed today at US$0.8104 or C$1.2339 per US$1. It closed Wednesday at US$0.8148 or C$1.2273 per US$1.
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The Canadian economy is on pace to outperform other major economies; however, the growth rate is not sustainable, said a report from the Conference Board of Canada Sept. 20. Strong employment numbers have increased consumer spending but debt-servicing costs and lower housing prices should slow spending growth for the second half of the fiscal year, the conference board said.
WTI crude gained two cents U.S. to US$50.71, as investors waited for news on new production quotas expected to come out of an OPEC meeting scheduled for tomorrow.
The S&P/TSX gained 67.77 points (0.44%) to close at 15,475.37 with energy and financial stocks leading the way among sectors posting gains.
Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–dn $ 0.54 at $ 25.37
Agrium Incorporated———-up $ 0.63 at $132.54
Buhler Industries————– $ 0.00 at $ 4.45
Potash Corp. of Sask———up $ 0.21 at $ 23.75
(All figures are in Canadian dollars.)
