Compiled by Glen Hallick, MarketsFarm
WINNIPEG, April 21 (MarketsFarm) – The Canadian dollar was higher on Wednesday, even flirting with 80 U.S. cents, following the latest economic projections from the Bank of Canada.
The loonie finished at US$0.7985 or US$1=C$1.2523, compared to Tuesday’s close of US$0.7954 or US$1=C$1.2572.
Canada’s central bank raised its forecast for economic growth in 2021 by two points at 6.5 per cent. Also, the institution said it will scale back its purchases of government bonds as the economy improves.
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Additional support for the loonie came from the United States Dollar Index, in which the greenback slipped back 0.122 at 91.105 points.
Benchmark crude oil prices were weaker on Wednesday as U.S. crude inventories were higher than expected and due to the surge of COVID-19 cases in India.
Brent crude oil fell US$1.49 at US$65.08 per barrel. West Texas Intermediate (WTI) crude oil dropped US$1.58 at US$61.09/barrel. Western Canadian Select (WCS) was down US$1.55 at US$49.16/barrel.
The TSX Composite Index was up 102.47 points on Wednesday to finish at 19,143.25.
Gold spiked US$16.50 at US$1,794.90 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.22 at $ 3.57
Farmers Edge Inc. up $ 0.16 at $ 17.76
Linamar Corp. up $ 0.26 at $ 72.93
Maple Leaf Foods up $ 0.51 at $ 29.00
Nutrien Ltd. up $ 0.98 at $ 67.60
(All figures are in Canadian dollars.)
