Canadian Financial Close: Loonie steady, inflation up

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.

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.)

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