By MarketsFarm
WINNIPEG, April 24 (MarketsFarm) – The Canadian dollar continued to fall on Wednesday, among reports from the Bank of Canada to not increase rates until the economy emerges from a “temporary slowdown.”
The Canadian dollar closed at US$.7421 or US$1=C$1.3475, down from Tuesday’s close of US$.7444 or US$1=C$1.3433.
The S&P/TSX Composite Index lost 82.88 points to close at 16,586.52.
The NASDAQ closed down, losing 18.81 at 8,102.01 points. Similarly, The Dow Jones lost 59.34 points to close at 26,597.05. The S&P 500 Index was down by 6.43 points, closing at 2,927.25 points.
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These corrections follow the TSX, S&P 500, and NASDAQ closing at all-time highs on Tuesday, thanks to lifts from strong financial data from U.S. corporations, and higher crude oil prices.
The Bank of Canada announcement to hold off on increasing interest rates did not take investors by surprise. The economy had been running “close to full tilt for most of 2017 and 2018,” the bank said, before a significant slowdown was observed in the final quarter of 2018.
Crude oil prices halted their monumental climb on Wednesday following a “surprisingly big jump” in crude oil inventories, according to data from the United States. West Texas Intermediate lost 56 cents to hit US$65.75 per barrel, and Brent Crude oil was unchanged at US$74.51 per barrel.
Canada’s agricultural sector fared as follows:
AGT Food and Ingredients——-up $ 0.04 at $ 17.99
Linamar Corp ——————dn $ 0.95 at $ 50.05
Maple Leaf Foods—————up $ 0.13 at $ 30.83
Nutrien Ltd. ——————dn $ 1.16 at $ 71.44
Ritchie Bros Auctioneers Inc.–up $ 0.62 at $ 47.12
Rocky Mountain Dealership Inc.-dn $ 0.18 at $ 9.45
(All figures are in Canadian dollars.)
