WINNIPEG – The Canadian dollar fell further back on Wednesday after a drop in oil prices and the release of inflation data from Statistics Canada.
The loonie was at US$0.7940 or US$1=C$1.2595 on Wednesday, down from Tuesday’s close of US$0.7968 or US$1=C$1.2550. The data agency announced on Wednesday that Canada’s annual inflation rate accelerated to 4.7 per cent, its highest level since February 2003.
The United States Dollar Index dipped 0.12 of a point to 95.79.
After U.S. President Joe Biden and Chinese general secretary Xi Jinping both discussed on Monday the possibility of releasing crude oil from their respective strategic reserves, benchmark crude oil prices tumbled on Wednesday. Brent crude oil dropped US$2.06 per barrel to US$80.37. West Texas Intermediate (WTI) crude oil fell US$2.65 to US$78.11/barrel. Western Canadian Select (WCS) crude oil declined US$1.75 to US$60.26/barrel.
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The TSX/S&P Composite Index lost 64.14 points to 21,653.02.
Gold gained US$15.10 per ounce to US$1,869.20.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.02
Farmer’s Edge Inc. up $ 0.02 at $ 3.35
Linamar Corp. up $ 1.59 at $ 79.88
Maple Leaf Foods dn $ 0.42 at $ 31.05
Nutrien Ltd. up $ 0.13 at $ 85.25
Ritchie Bros Auctioneers Inc. up $ 0.13 at $ 91.32
(All figures are in Canadian dollars.)
