WINNIPEG – The Canadian dollar eased off on Wednesday as a new report from Statistics Canada showed another rise in inflation.
As of 3:40 p.m. CDT, the loonie was at US$0.7725 or US$1=C$1.2945, down from US$0.7735 or US$1=C$1.2929 on Tuesday. The Bank of Canada did not settle its Canadian/United States dollar exchange rate at press time. Statistics Canada reported on Wednesday that annual inflation rose to 7.7 per cent in May, the highest rate since 1983 and above economists’ expectations of a rate of 7.3 per cent. Food prices were up 8.8 per cent and gasoline prices increased 48 per cent in May from the year before.
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The U.S. Dollar Index lost 0.22 of a point to 104.21 on Wednesday.
Crude oil prices were lower on Wednesday over recession fears. Brent crude oil lost US$3.91 per barrel at US$110.74. West Texas Intermediate (WTI) crude oil fell US$4.28 at US$105.24/barrel. Western Canadian Select (WCS) dropped US$3.43 per barrel to US$87.00.
The TSX/S&P Composite Index plunged 253.25 points to 19,004.04.
Gold increased US$1.30 at US$1,840.10 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.17
Farmer’s Edge Inc. dn $ 0.05 at $ 1.54
Linamar Corp. dn $ 0.11 at $ 55.36
Maple Leaf Foods dn $ 0.53 at $ 24.86
Nutrien Ltd. up $ 0.21 at $111.71
Ritchie Bros Auctioneers Inc. dn $ 0.66 at $ 77.31
(All figures are in Canadian dollars.)
