By MarketsFarm
WINNIPEG, July 10 (MarketsFarm) – The Canadian dollar was slightly up at market close on Wednesday.
The dollar finished the day at US$0.7638 or US$1=C$1.3092, which compares with Tuesday’s close of US$0.7618 or US$1=C$1.3127.
United States Federal Reserve Chair Jerome Powell testified before Congress today speaking on the country’s economic policy outlook. Powell’s comments solidified predictions that interest rates will be cut in months to come.
“A rate cut in July is now all but certain,” said James McCann, senior global economist at Aberdeen Standard Investments. “The strength of last week’s jobs number did lead some to think that the Fed may pause for thought. It’s clear from this that they won’t.”
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The Bank of Canada left interest rates unchanged today, citing “expanding global slowdown caused by trade conflicts,” according to CBC.
Benchmark oil prices rallied following a report that U.S. crude stockpiles fell by nearly 10 million barrels last week. Brent crude oil was up by US$1.95 to close at US$66.11 per barrel. West Texas Intermediate (WTI) crude oil gained US$1.72 cents to close at US$59.55 per barrel.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.04 at $ 3.81
Linamar Corp. dn $ 0.12 at $ 45.05
Maple Leaf Foods up $ 0.22 at $ 29.20
Nutrien Ltd. dn $ 1.27 at $ 66.26
Ritchie Bros Auctioneers Inc. dn $ 0.25 at $ 43.90
Rocky Mountain Dealerships Inc. dn $ 0.01 at $ 7.78
(All figures are in Canadian dollars.)
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