WINNIPEG – The Canadian dollar made a small advance on Wednesday after the United States Federal Reserve announced the direction it will take with its key interest rates.
The loonie closed at US$0.7520 or US$1=C$1.3297, compared to US$0.7513 or US$1=C$1.3310 on Tuesday.
The U.S. Dollar Index moved down 0.32 of a point at 103.02. The Fed announced on Wednesday it was leaving its key interest rates unchanged, but hinted that two more hikes will come later this year.
Crude oil went down on Wednesday despite China implementing import quotas. The International Energy Agency (IEA) said on Wednesday that global demand will taper off over the next few years as higher prices and Russia’s invasion of Ukraine accelerate a worldwide transition away from fossil fuels. Brent crude oil lost US$0.73/barrel at US$73.56. West Texas Intermediate (WTI) shed US$0.76 at US$68.66/barrel.
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The TSX/S&P Composite Index advanced 24.69 points to 20,015.09.
Gold was up US$0.30 at US$1,958.90 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.13
Farmer’s Edge Inc. unchanged at $ 0.17
Linamar Corp. up $ 1.45 at $ 71.20
Maple Leaf Foods dn $ 0.01 at $ 27.04
Nutrien Ltd. dn $ 2.38 at $ 78.04
Ritchie Bros Auctioneers Inc. up $ 0.31 at $ 75.88
(All figures are in Canadian dollars.)
