WINNIPEG – The Canadian dollar held steady on Wednesday amid economic news on both sides of the Canada/United States border.
The loonie was at US$0.8203 or US$1=C$1.2191 on Wednesday, slightly lower from Tuesday’s close at US$0.8205 or US$1=C$1.2188. Meanwhile, the U.S. Dollar Index jumped 0.78 points at 91.31. Statistics Canada reported today that inflation increased year-to-year to 3.6 per cent in May, its highest level in a decade. Meanwhile, U.S. Federal Reserve Chair Jerome Powell announced that the Fed is projecting two key interest rate increases by the end of 2023.
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Benchmark crude oil prices were mixed on Wednesday. Brent crude oil gained five cents per barrel to US$74.04. West Texas Intermediate (WTI) crude oil dropped US$0.26 to US$71.86/barrel. Western Canadian Select (WCS) crude oil slipped US$0.19 to US$58.06/barrel.
The TSX Composite Index was also steady, losing just 0.36 of a point to 20,230.96.
Due to the Fed’s announcement, gold fell US$33.78 per ounce to US$1,825.42.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.10 at $ 3.39
Farmer’s Edge Inc. up $ 0.56 at $ 12.56
Linamar Corp. dn $ 2.83 at $ 77.16
Maple Leaf Foods dn $ 0.27 at $ 26.24
Nutrien Ltd. dn $ 0.76 at $ 76.18
Ritchie Bros Auctioneers Inc. up $ 0.29 at $ 72.58
(All figures are in Canadian dollars.)
