Canadian Financial Close: Loonie reaches highest point since 2017

WINNIPEG, May 5 (MarketsFarm) – The Canadian dollar closed at its highest level since September 2017 on Wednesday.

The loonie was at US$0.8149 or US$1=C$1.2272 on Wednesday, up from Tuesday’s close at US$0.8120 or US$1=C$1.2315. It benefitted from improved investor sentiment and the Bank of Canada’s willingness to raise key interest rates sooner than its international counterparts. Meanwhile, the United States Dollar Index held steady, only dipping by 0.02 at 91.27 points.

Benchmark crude oil prices pulled back from their recent climb on Wednesday. Brent crude oil declined by US$0.21 per barrel to US$68.67. West Texas Intermediate (WTI) crude oil dropped by US$0.41 to US$65.28/barrel. Western Canadian Select (WCS) crude oil lost US$0.51 to US$52.10/barrel.

While the Dow Jones reached a record-high on Wednesday, the TSX Composite Index came very close, climbing by 122.71 points to 19,310.74.

Gold rose by US$7.74 per ounce to US$1,786.80.

Canada’s agricultural sector fared as follows:

Buhler Industries up $ 0.01 at $ 3.66
Farmer’s Edge Inc. up $ 0.13 at $ 17.00
Linamar Corp. up $ 0.38 at $ 71.52
Maple Leaf Foods dn $ 0.42 at $ 27.38
Nutrien Ltd. up $ 0.66 at $ 72.51
Ritchie Bros Auctioneers Inc. up $ 3.61 at $ 80.45

(All figures are in Canadian dollars.)

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