Glacier FarmMedia MarketsFarm – The Canadian dollar dipped on Wednesday while the United States Federal Reserve’s latest decision on key interest rates broadly affected the markets.
The loonie closed at US$0.7268 or US$1=C$1.3759, compared to US$0.7275 or US$1=C$1.3746 on Tuesday.
The U.S. Dollar Index declined 0.20 of a point at 106.02. The Fed announced earlier today it will wait a bit longer before cutting its key interest rates, leaving them unchanged. Many observers believe that the central bank won’t cut rates until July.
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Along with news from the Fed, crude oil prices fell due to reports that Israel may accept a possible ceasefire agreement with itself and Hamas lasting more than six weeks. Brent crude oil lost US$2.80 at US$83.53 per barrel. West Texas Intermediate (WTI) tumbled US$2.79 at US$79.14/barrel.
The TSX/S&P Composite Index gained 14.01 points at 21,728.55.
Gold recovered some of Tuesday’s losses by rising US$21.90 at US$2,324.80 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.23
Farmer’s Edge Inc. unchanged at $ 0.345
Linamar Corp. dn $ 0.52 at $ 64.31
Maple Leaf Foods dn $ 0.03 at $ 22.34
Nutrien Ltd. dn $ 0.37 at $ 72.22
RB Global Inc. dn $ 0.27 at $ 98.23
(All figures are in Canadian dollars.)
