WINNIPEG – The Canadian dollar fell to its lowest level in nearly a year on Wednesday after economic news on both sides of the Canada/United States border.
The loonie was at US$0.7756 or US$1=C$1.2893 on Wednesday, down from Tuesday’s close of US$0.7785 or US$1=C$1.2845. Statistics Canada reported on Wednesday that the country’s inflation rate stayed at 4.7 per cent in November, its highest level since 2003.
The U.S. Dollar Index declined 0.23 of a point to 96.35 after the Federal Reserve announced on Wednesday it will wind down its monthly bond purchases earlier than expected. The central bank also projects three interest rate hikes in 2022.
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Benchmark crude oil prices increased on Wednesday due to higher demand and lower inventories. Brent crude oil advanced US$0.75 per barrel to US$74.45. West Texas Intermediate (WTI) crude oil bounced up US$0.84 to US$71.57/barrel. Western Canadian Select (WCS) crude oil jumped US$1.54 at US$55.62/barrel.
The TSX/S&P Composite Index climbed 120.59 points to 20,769.16.
Gold gained US$5.50 per ounce to US$1,777.80.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.04 at $ 3.03
Farmer’s Edge Inc. dn $ 0.02 at $ 3.36
Linamar Corp. up $ 0.49 at $ 72.10
Maple Leaf Foods up $ 0.84 at $ 29.77
Nutrien Ltd. up $ 2.00 at $ 91.13
Ritchie Bros Auctioneers Inc. dn $ 0.48 at $ 81.44
(All figures are in Canadian dollars.)
