Canadian Financial Close: C$ ends steady after BoC rate hike

By MarketsFarm

WINNIPEG, April 13 (MarketsFarm) – The Canadian dollar held relatively steady on Wednesday, recovering from earlier weakness as gains in crude oil and increased Canadian interest rates provided support.
The Canadian dollar closed at US$0.7932 or US$1=C$1.2607 on Tuesday, which compares with Tuesday’s North American close of US$0.7926 or US$1=C$1.2617.
The Bank of Canada raised its key overnight interest rate by 50 basis points, taking it to 1.00 per cent. The rate hike was expected, but still marked the largest increase made by the Bank since May 2000 as 25 point moves are much more common.

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Crude oil was underpinned by the ongoing conflict in Ukraine, posting gains despite expectations for rising inventories in the United States. West Texas Intermediate crude oil was up by 3.68 per cent, at US$104.33 per barrel.
The TSX Composite Index was stronger, up 122.61 points, or 0.56 per cent, to close at 21,838.02 points.

Canada’s agricultural sector performed as follows:
Buhler Ind.———————- $ 0.00 at $ 2.67
Linamar Corp.——————–up $ 0.23 at $ 50.23
Maple Leaf Foods—————–up $ 0.41 at $ 28.82
Nutrien Ltd.———————up $ 1.35 at $137.92
Ritchie Bros Auctioneers Inc.—-dn $ 0.37 at $ 71.73
Farmers Edge Inc.—————-up $ 0.07 at $ 3.00

(All figures are in Canadian dollars.)