WINNIPEG – Higher crude oil prices and good trade news helped raise the Canadian dollar on Wednesday.
The loonie closed at US$0.7806 or US$1=C$1.2810, up from US$0.7784 or US$1=C$1.2847 on Tuesday. Statistics Canada announced today that the country posted a C$3.1 billion merchandise trade surplus in February, as well as a preliminary estimate of C$2.5 billion in March. The values of both imports (C$61.1 billion) and exports (C$63.6 billion) in March were both record highs.
The United States Dollar Index dropped 0.97 of a point at 102.50, its lowest value in a week. The U.S. Federal Reserve announced Wednesday it has raised its key interest rate by 0.5 of a point in order to combat inflation, the biggest jump in 22 years. The Fed also said it will reduce its assets of nearly US$9 trillion starting June 1.
Read Also
Canadian Financial Close: C$ slightly firmer Wednesday
Glacier FarmMedia — The Canadian dollar was slightly firmer on Wednesday. Minutes from the Bank of Canada’s latest policy decision…
Crude oil prices went up after the European Union made clear its intent to phase out Russian oil and refined products by the end of 2022. Brent crude oil gained US$5.44 per barrel at US$110.41. West Texas Intermediate (WTI) crude oil rose US$5.33 at US$107.74/barrel. Western Canadian Select (WCS) increased US$4.62 to US$94.68.
The TSX/S&P Composite Index rallied 279.67 points at 21,184.95.
Gold advanced US$14.20 per ounce to US$1,884.80.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.55
Farmer’s Edge Inc. dn $ 0.03 at $ 2.47
Linamar Corp. up $ 0.06 at $ 51.22
Maple Leaf Foods up $ 0.54 at $ 27.90
Nutrien Ltd. up $ 1.17 at $136.67
Ritchie Bros Auctioneers Inc. up $ 0.60 at $ 69.05
(All figures are in Canadian dollars.)
