By MarketsFarm
WINNIPEG, July 15 (MarketsFarm) – The Canadian dollar was stronger on Wednesday, as investors reacted to the latest interest rate decision from the Bank of Canada.
The Canadian dollar closed at US$0.7389 or US$1=C$1.3534, which compares with Tuesday’s North American close of US$0.7344 or US$1=C$1.3616.
The Bank of Canada left its key overnight interest rate unchanged at 0.25 per cent, as had been widely anticipated. With many other world central banks moving to negative rates in an attempt to buoy economies hit by the COVID-19 pandemic, the relatively steady Canadian policy was seen as somewhat hawkish.
Gains in crude oil were also supportive for the energy-linked currency, with West Texas Intermediate up 1.7 per cent at US$40.99 per barrel.
The TSX Composite Index was stronger, gaining 154.88 points, or 0.97 per cent, to close at 16,063.33 points.
Canada’s agricultural sector performed as follows:
Buhler Industries—————-up $ 0.08 at $ 2.55
Linamar Corp.——————–up $ 0.75 at $ 38.80
Maple Leaf Foods—————–up $ 0.39 at $ 28.05
Nutrien Ltd.———————up $ 0.60 at $ 45.51
Ritchie Bros Auctioneers Inc.—-up $ 0.42 at $ 57.44
Rocky Mountain Dealerships Inc.–up $ 0.02 at $ 4.02
(All figures are in Canadian dollars.)
