WINNIPEG – The Canadian dollar gained on Wednesday after a long-awaited announcement from the Bank of Canada (BoC).
The loonie was at US$0.7894 or US$1=C$1.2668 on Wednesday, up from Tuesday’s close of US$0.7869 or US$1=C$1.2708. Canada’s central bank announced on Wednesday it will raise the key interest rate to 0.5 per cent. The rate had been at 0.25 per cent since the beginning of the COVID-19 pandemic in 2020.
The U.S. Dollar Index was down 0.07 of a point to 97.34.
Benchmark crude oil prices continued to rise sharply despite an announcement that representatives from Russia and Ukraine will meet for peace talks on Thursday and an upcoming release of 60 million barrels from Western nations’ strategic reserves. Brent crude oil jumped US$8.95 per barrel to US$113.92. West Texas Intermediate (WTI) crude oil skyrocketed US$7.75 to US$111.16/barrel. Western Canadian Select (WCS) crossed the US$100/barrel mark, advancing US$6.39 to US$100.18.
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The TSX/S&P Composite Index rose 251.13 points to 21,255.64.
Gold shed US$15.50 per ounce to US$1,928.30.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.58
Farmer’s Edge Inc. up $ 0.01 at $ 3.55
Linamar Corp. up $ 0.29 at $ 63.83
Maple Leaf Foods up $ 0.43 at $ 27.18
Nutrien Ltd. up $ 2.88 at $111.11
Ritchie Bros Auctioneers Inc. up $ 2.08 at $ 71.05
(All figures are in Canadian dollars.)
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