By MarketsFarm
WINNIPEG, Aug. 10 (MarketsFarm) – The Canadian dollar was stronger on Wednesday, as currency markets reacted to updated inflation data out of the United States.
The Canadian dollar settled at US$0.7819 or US$1=C$1.2789 on Wednesday, which compares with Tuesday’s close of US$0.7764 or US$1=C$1.2880.
The U.S. Consumer Price Index was up by 8.5 per cent on the year in July, according to a Labor Department report, which was down from 9.1 per cent the previous month and slightly below pre-report expectations. Canadian inflation data will be released Aug. 16.
Gains in crude oil contributed to the strength in the energy-linked Canadian dollar. West Texas Intermediate crude oil was up by 1.17 per cent at US$91.56 per barrel.
The TSX Composite Index was up by 307.64 points, or 1.57 per cent, to close at 19,885.94 points.
Canada’s agricultural sector performed as follows:
Buhler Ind.———————-dn $ 0.12 at $ 2.17
Linamar Corp.——————–up $ 1.50 at $ 60.19
Maple Leaf Foods—————–up $ 0.07 at $ 22.92
Nutrien Ltd.———————up $ 1.65 at $115.46
Ritchie Bros Auctioneers Inc.—-dn $ 0.11 at $ 89.96
Farmers Edge Inc.—————-dn $ 0.04 at $ 1.10
(All figures are in Canadian dollars.)
