By MarketsFarm
WINNIPEG, Nov. 20 (MarketsFarm) – The Canadian dollar was lower at market close on Wednesday, marking a six-week low as United States/China trade talks took a sour turn of events.
The loonie finished the day at US$0.7517 or US$1=C$1.3304, which compares with Tuesday’s close of US$0.7555 or C$1.3237.
There were reports that Phase One of the U.S./China trade deal may not be signed before of the end of 2019. The two countries are at loggerheads, with the U.S. demanding China buy a set amount of agricultural products. In return, China stated that could harm its trade with other countries. Also, China is displeased with U.S. comments regarding the pro-democracy demonstrations in Hong Kong.
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Benchmark oil prices were higher on Wednesday, regaining strength from yesterday’s declines. Providing support was Russia’s statement it will continue production cuts along with OPEC. Gains were tempered by the U.S./China trade turmoil.
Brent crude oil rose US$1.48 to close at US$62.39 per barrel, and West Texas Intermediate (WTI) climbed US$1.70 to close at US$56.91 per barrel. Western Canadian Select crude jumped US$1.91 at US$38.36 per barrel.
The TSX/S&P Composite Index was slipped 5.58 points on Wednesday, to close at 17,005.82 points.
Gold lost US$2.50 on Wednesday, closing at US$1,471.80 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.60
Linamar Corp. dn $ 1.98 at $ 43.44
Maple Leaf Foods up $ 0.29 at $ 23.21
Nutrien Ltd. dn $ 1.07 at $ 62.17
Ritchie Bros Auctioneers Inc. dn $ 0.33 at $ 55.67
(All figures are in Canadian dollars.)
