Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Jan. 19 (MarketsFarm) – The Canadian dollar cracked the psychological 80 United States cent mark on Wednesday, benefitting from gains in crude oil and a step back in the U.S. dollar.
The loonie closed at US$0.8005 or US$1=C$1.2492, compared to Tuesday’s close of US$0.7981 or US$1=C$1.2529.
The have been calls for the Bank of Canada to raise its key interest rate following the Statistics Canada report stating inflation climbed to 4.8 per cent in December. Scotiabank predicted the country’s central bank will boost its key rate to two per cent during 2022.
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On the U.S. Dollar Index, the greenback gave up 0.163 a point at 95.560.
Benchmark crude oil prices pushed higher on Wednesday, continuing on strong demand and tight supplies.
Brent crude oil rises 58 cents at US$88.09 per barrel. West Texas Intermediate (WTI) crude oil gains US$1.15 at US$86.58 per barrel. Western Canadian Select (WCS) bumps up 25 cents at US$71.96 per barrel.
At the close, the TSX Composite Index lost 69.41 points, or 0.33 per cent, on Wednesday at 21,205.16,
Gold jumped US$28.70 at US$1,841.10 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.07
Farmers Edge Inc. up $ 0.03 at $ 3.02
Linamar Corp. dn $ 6.72 at $ 73.62
Maple Leaf Foods dn $ 0.27 at $ 28.43
Nutrien Ltd. dn $ 0.56 at $ 92.31
Ritchie Bros Auctioneers Inc. up $ 1.17 at $ 78.01
(All figures are in Canadian dollars.)
