By MarketsFarm
WINNIPEG, Nov. 3 (MarketsFarm) – The Canadian dollar was weaker on Wednesday, as sharp losses in crude oil weighed on the energy-linked currency.
The Canadian dollar closed at US$0.8053 or US$1=C$1.2417 on Wednesday, which compares with Tuesday’s North American close of US$0.8062 or US$1=C$1.2404.
Rising crude oil supplies in the United States sparked the selloff in oil prices to their lowest levels in two months.
West Texas Intermediate crude oil was down by 4.60 per cent, at US$80.05 per barrel.
On the other side, a move by the U.S. Federal Reserve to taper its bond buying program weighed on the U.S. dollar which helped keep the Canadian currency well off its lows for the day. Gains in equity markets were also supportive.
The TSX Composite Index was up by 95.09 points, or 0.45 per cent, to close at 21,265.10 points.
Canada’s agricultural sector performed as follows:
Buhler Industries—————- $ 0.00 at $ 3.21
Linamar Corp.——————–up $ 1.40 at $ 69.49
Maple Leaf Foods—————–up $ 0.13 at $ 27.44
Nutrien Ltd.———————up $ 0.52 at $ 84.53
Ritchie Bros Auctioneers Inc.—-dn $ 0.57 at $ 84.23
Farmers Edge Inc.—————-dn $ 0.06 at $ 5.14
(All figures are in Canadian dollars.)
