WINNIPEG – The Canadian dollar made a slight gain on Wednesday while crude oil plunged.
As of 3:35 p.m. CST, the loonie was at US$0.7805 or US$1=C$1.2812 before close on Wednesday, down from Tuesday’s close of US$0.7772 or US$1=C$1.2867. The Bank of Canada did not settle the loonie’s exchange rate at press time.
The United States Dollar Index dropped 1.04 of a point to 98.02, its lowest level since last Friday.
Ukrainian President Volodymyr Zelensky told German newspaper Bild some compromises would be considered to end the invasion of his nation by Russia. The United Arab Emirates also urged OPEC+ to increase oil output to counter rising prices. Brent crude oil sank US$15.18 per barrel to US$112.80. West Texas Intermediate (WTI) crude oil plunged US$13.31 to US$110.39/barrel. Western Canadian Select (WCS) fell US$13.63 to US$97.33.
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The TSX/S&P Composite Index bounced back in a big way, gaining 261.20 points to 21,493.23.
Gold shed US$46.40 per ounce to US$1,996.60.
Canada’s agricultural sector fared as follows:
Buhler Ind. dn $ 0.06 at $ 2.44
Farmer’s Edge Inc. dn $ 0.11 at $ 3.16
Linamar Corp. up $ 0.75 at $ 51.80
Maple Leaf Foods up $ 2.68 at $ 30.90
Nutrien Ltd. dn $ 0.47 at $121.75
Ritchie Bros Auctioneers Inc. up $ 1.22 at $ 73.80
(All figures are in Canadian dollars.)
