By Commodity News Service Canada
WINNIPEG, Jan. 24 – The Canadian dollar rose Wednesday
supported by gains in the price of gold and oil.
The Canadian dollar settled Wednesday at US$0.8103 or
C$1.2341, compared to Tuesday’s North American close of
US$0.8030 or C$1.2454.
Oil prices rallied on heavy volume Wednesday, boosted by a
record 10th straight weekly decline in United States crude
inventories, but reduced refining activity and rising production
signaled U.S. stock could rise in coming weeks. Brent crude
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Gold prices rose Wednesday, hitting their highest point
since August, 2016, as American investors sought insurance
against possible inflation after U.S. Treasury Secretary Steven
Mnuchin welcomed a weaker U.S. dollar. Spot gold was up 1.4 per
cent to US$1,360.23 an ounce, while U.S. gold futures rose 1.5
per cent to US$1,356.30 per ounce.
In Toronto, the TSX/S&P Composite Index fell at close
Wednesday weighted by declines for financial shares, Valeant
Pharmaceuticals International Inc. and Canadian National Railway
Co., gold mining stocks however were boosted higher by gold
prices. The TSX/S&P dropped 73.34 points, or 0.45 per cent, to
16,284.21.
Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–up $ 0.08 at $ 22.08
Maple Leaf Foods————-dn $ 0.16 at $ 35.34
Nutrien Ltd.—————–dn $ 0.59 at $ 66.11
(All figures are in Canadian dollars.)
