Compiled by Glen Hallick, MarketsFarm
WINNIPEG, May 19 (MarketsFarm) – The Canadian dollar slipped back on Wednesday, as a sell-off in the stock markets and a hefty drop in crude oil prices weighed on values.
The loonie finished at US$0.8264 or US$1=C$1.2100, compared to Tuesday’s close of US$0.8298 or US$1=C$1.2051.
Adding to the pressure on the loonie was the United States Dollar Index, on which the greenback rose 0.406 to finish at 90.145 points.
Benchmark crude oil prices tumbled on Wednesday, due to fears of a surge in COVID-19 cases throughout Asia, as well as over concerns that inflation could led the U.S. Federal Reserve to raise interest hikes to slow economic growth.
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Brent crude oil dropped US$2.02 at US$66.69 per barrel. West Texas Intermediate (WTI) crude oil fell US$2.11 at US$63.38/barrel. Western Canadian Select (WCS) plummeted US$4.20 at US$48.56/barrel.
The TSX Composite Index pulled back 90.02 points on Wednesday to finish at 19,417.03.
Gold was up US$2.50 at US$1,870.50 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.67
Farmers Edge Inc. dn $ 0.84 at $ 10.60
Linamar Corp. dn $ 2.17 at $ 73.39
Maple Leaf Foods up $ 0.16 at $ 26.59
Nutrien Ltd. dn $ 1.07 at $ 72.55
Ritchie Bros Auctioneers Inc. up $ 0.77 at $ 74.61
(All figures are in Canadian dollars.)
