WINNIPEG, March 3 (MarketsFarm) – The Canadian dollar remained mostly steady against the U.S. dollar on Wednesday as oil prices continued to rise and Statistics Canada reported that building permits in January totalled a record-breaking C$9.9 billion.
The loonie finished at US$0.7917 or US$1=C$1.2631, compared to Monday’s close of US$0.7920 or US$1=C$1.2626. On the U.S. Dollar Index, the greenback moved upward by 0.17 at 90.960 points.
Benchmark crude oil prices rose on Wednesday despite speculation OPEC+ may decide at its meeting tomorrow to either delay planned production cuts or increase oil production.
Brent crude oil jumped by US$1.36 at US$64.06 per barrel. West Texas Intermediate (WTI) crude oil surged by US$1.51 at US$61.26/barrel. Western Canadian Select (WCS) crude oil increased by US$1.32 at US$49.81/barrel.
After a sell-off of tech stocks, the TSX Composite Index tumbled on Wednesday by 100.93 at 18,320.67.
Gold fell by US$23.72 at US$1,714.64 per ounce amid news of rising U.S. Treasury bond yields.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.23 at $ 3.25
Linamar Corp. up $ 1.53 at $ 73.77
Maple Leaf Foods dn $ 0.29 at $ 25.48
Nutrien Ltd. dn $ 0.78 at $ 69.48
Ritchie Bros Auctioneers Inc. dn $ 0.30 at $ 66.00
(All figures are in Canadian dollars.)