Canadian Financial Close: C$ steadies after Fed rate hike

By MarketsFarm

WINNIPEG, June 15 (MarketsFarm) – The Canadian dollar hit its lowest level in a month relative to its United States counterpart on Wednesday before recovering to end relatively unchanged, as the financial markets reacted to the latest interest rate decision from the U.S. Federal Reserve.
The Canadian dollar closed at US$0.7723 or US$1=C$1.2948 on Wednesday, which compares with Tuesday’s North American close of US$0.7728 or US$1=C$1.2940.
The U.S. Fed raised its key overnight rate by 75 points, as had been widely anticipated ahead of the decision. Accompanying statements implied that future rate hikes would be more subdued, accounting for some broad selling against the U.S. dollar.

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Weakness in crude oil put some pressure on the energy-linked Canadian dollar. West Texas Intermediate crude oil was down by 2.61 per cent, at US$115.82 per barrel.
The TSX Composite Index was stronger, up 63.05 points, or 0.32 per cent, to close at 19,611.56 points.

Canada’s agricultural sector performed as follows:
Buhler Ind.———————- $ 0.00 at $ 2.40
Linamar Corp.——————–up $ 1.61 at $ 56.69
Maple Leaf Foods—————–up $ 0.61 at $ 26.51
Nutrien Ltd.———————up $ 0.39 at $113.39
Ritchie Bros Auctioneers Inc.—-up $ 0.14 at $ 78.67
Farmers Edge Inc.—————-dn $ 0.18 at $ 1.67

(All figures are in Canadian dollars.)