WINNIPEG – The Canadian dollar gained some strength on Wednesday, hours after the release of a major report from Statistics Canada.
As of 3:45 p.m. CDT, the loonie traded at US$0.7762 or US$1=C$1.2883, up from US$0.7750 or US$1=C$1.2904 on Tuesday. The Bank of Canada did not post their closing exchange rate at press time.
Canada’s central data agency reported on Wednesday that inflation rose to 8.1 per cent in June, the highest level seen since January 1983. However, it was lower than analysts’ predictions of 8.4 per cent and prices for food and shelter only increased by 0.1 and 0.4 per cent, respectively.
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The United States Dollar Index gained 0.40 of a point to 107.08.
Crude oil prices were slightly lower on Wednesday amid increasing U.S. gasoline stockpiles. Brent crude oil declined US$0.58 per barrel at US$106.77. West Texas Intermediate (WTI) crude oil dropped US$1.96 at US$102.26/barrel. Western Canadian Select (WCS) eased off US$0.79 per barrel to US$79.69.
The TSX/S&P Composite Index had a more modest rally than in the previous two days, adding 82.96 points at 19,020.67.
Gold took a plunge, falling US$18.50 at US$1,692.20 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.39
Farmer’s Edge Inc. up $ 0.14 at $ 1.47
Linamar Corp. up $ 0.45 at $ 57.79
Maple Leaf Foods up $ 0.19 at $ 26.12
Nutrien Ltd. up $ 1.94 at $102.89
Ritchie Bros Auctioneers Inc. dn $ 1.95 at $ 86.57
(All figures are in Canadian dollars.)
