Compiled by MarketsFarm
WINNIPEG, July 26 (MarketsFarm) – The Canadian dollar retreated on Wednesday, due to declines in crude oil prices but losses were cushioned by a weaker United States dollar.
The loonie closed at US$0.7564 or US$1=C$1.3220, compared to Tuesday’s finish of US$0.7585 or US$1=C$1.3184. On the U.S. Dollar Index the greenback pulled back 0.341 of a point at 100.755.
The U.S. Federal Reserve announced it’s hiking its key interest rates by 25 basis points to 5.25 to 5.50 per cent. Such marked the highest rates since 2001, and was the 11th time there was a increase over the last year and a half.
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Benchmark crude oil prices were modestly lower on Wednesday, following the U.S. Energy Information Administration’s report of crude stocks declining by 600,000 barrels last week, rather than the average market expectation 2.35 million.
Brent crude oil slipped 12 cents at US$82.93 per barrel, while West Texas Intermediate shed 70 cents at US$78.93, and Western Canadian Select lost US$1.04 at US$63.28.
The TSX Composite Index nudged up 10.11 points on Wednesday to close at 20,561.64.
Gold climbed US$11.40 at US$1,975.10 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.10 Farmers Edge Inc. dn $0.005 at $ 0.21 Linamar Corp. up $ 1.58 at $ 76.16 Maple Leaf Foods dn $ 0.16 at $ 27.27 Nutrien Ltd. up $ 0.87 at $ 88.89 Ritchie Bros Auctioneers Inc. up $ 0.40 at $ 84.88
(All figures are in Canadian dollars)
