Canadian Financial Close: Loonie follows crude oil lower

Compiled by MarketsFarm

WINNIPEG, Jan. 18 (MarketsFarm) – The Canadian dollar pulled back on Wednesday, giving up recent gains due to a reversal in crude oil prices.

The loonie closed at US$0.7441 or US$1=C$1.3439, compared to Tuesday’s close of US$0.7468 or US$1=C$1.3390. On the U.S. Dollar Index, the greenback nudged up 0.024 of a point at 102.165.

Benchmark crude oil prices stepped back on Wednesday, which snapped an eight-day rally. However, market expectations of China’s economy to ramp up in 2023 tempered further declines.

Brent crude oil pulled back US$1.16 at US$84.76 per barrel. West Texas Intermediate (WTI) crude oil shed 90 cents at US$79.28/barrel. Western Canadian Select (WCS) lost US$1.60 at US$56.20/barrel.

The TSX Composite Index finished Wednesday slipping 81.23 points at 20,376.23.

Gold was down US$4.70 at US$1,905.20 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries                dn  $ 0.29     at $  1.91

Farmers Edge Inc.                dn  $ 0.015    at $  0.25

Linamar Corp.                    dn  $ 0.38     at $ 65.66

Maple Leaf Foods                 dn  $ 0.42     at $ 25.85

Nutrien Ltd.                     up  $ 2.32     at $104.45

Ritchie Bros Auctioneers Inc.    up  $ 0.31     at $ 80.28

(All figures are in Canadian dollars.)

explore

Stories from our other publications