By Commodity News Service Canada
WINNIPEG, Aug. 22 (CNS) – The Canadian dollar hit three-
week highs earlier today compared to its U.S. counterpart on the
heels of positive retail sales data for June, which raised the
possibility that the Bank of Canada will raise interest rates In
October.
The Canadian dollar reached US$0.7983 or C$1.2526 before
slipping back to close at US$0.7967 or C$1.2552. The dollar
closed yesterday at US$0.7952, or C$1.2575.
The S&P/TSX composite rose 33.08 points, hitting 14,984.96.
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stocks.
Oil continues to creep upward on expectations of a drawing
down of U.S. crude stockpiles, but reopening of oil fields in
Libya offset some of those gains.
The Organization of Petroleum Exporting Countries,
(OPEC)including Russia, have reaffirmed plans to reduce output
by 1.8 million barrels a day until March 2018 in an attempt to
tighten up supplies. WTI crude gained 30 cents U.S., rising to
US$47.83.
Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–dn $ 0.20 at $ 23.74
Agrium Incorporated———-dn $ 1.49 at $121.31
Buhler Industries————– $ 0.00 at $ 4.18
Maple Leaf Foods————-up $ 0.12 at $ 35.07
Potash Corp. of Sask———dn $ 0.23 at $ 21.59
(All figures are in Canadian dollars.)
