WINNIPEG – The Canadian dollar was in a freefall on Thursday as its American counterpart reached a two-month high.
The loonie was at US$0.8103 or US$1=C$1.2341 on Thursday, down from Wednesday’s close at US$0.8203 or US$1=C$1.2191. Meanwhile, the U.S. Dollar Index jumped 0.81 points at 91.94. United States Federal Reserve Chair Jerome Powell announced yesterday the central bank is projecting two key interest rate increases by the end of 2023.
Benchmark crude oil prices also fell due to a strengthened U.S. greenback and a rise in COVID-19 cases in the United Kingdom. Brent crude oil dropped US$1.35 per barrel to US$73.04. West Texas Intermediate (WTI) crude oil lost US$1.24 to US$70.91/barrel. Western Canadian Select (WCS) crude oil slipped US$0.87 to US$57.19/barrel.
The TSX Composite Index retreated 86.92 points to 20,144.04.
Gold fell US$36.82 per ounce to US$1,774.65.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.39
Farmer’s Edge Inc. dn $ 0.99 at $ 11.57
Linamar Corp. dn $ 0.11 at $ 77.05
Maple Leaf Foods up $ 0.05 at $ 26.29
Nutrien Ltd. dn $ 3.03 at $ 73.15
Ritchie Bros Auctioneers Inc. up $ 0.32 at $ 72.90
(All figures are in Canadian dollars.)