Canadian Financial Close: Canadian dollar strong along with oil, stocks

By MarketsFarm

WINNIPEG, June 19 (MarketsFarm) – The Canadian dollar was stronger at Wednesday’s close, following a generally positive global trade sentiment and strong oil prices.

The Canadian dollar closed at US$0.7527 or US$1=C$1.3289, up from Tuesday’s close of US$0.7466 or US$1=C$1.3394.

Stock indexes were stronger after the United States Federal Reserve left its key interest rate unchanged, though signalled that it’s prepared to cut rates in order to protect the U.S. economy from trade conflicts, among other threats.

Mexico voted overwhelmingly to ratify the Canada – U.S – Mexico Agreement (CUSMA) agreement, bringing North America one step closer to replacing the 25-year old North American Free Trade Agreement (NAFTA). The U.S. and Canada have yet to ratify the agreement.

The TSX Composite Index gained 8.71 points to close at 16,511.79. The NASDAQ was up 33.44 at 7,987.32 points. Similarly, the Dow Jones rose 38.46 points to close at 26,504.00. The S&P 500 was up 8.71 at 2,926.46.

West Texas Intermediate was up 37 cents to end the day at US$54.27 per barrel, and Brent Crude oil gained 16 cents to hit US$62.30 per barrel.

Canada’s agricultural sector fared as follows:

Buhler Industries————–dn $ 0.15 at $ 3.65
Linamar Corp ——————up $ 0.67 at $ 47.15
Maple Leaf Foods—————dn $ 0.52 at $ 30.52
Nutrien Ltd. ——————dn $ 0.47 at $ 72.01
Ritchie Bros Auctioneers Inc.—-up $ 0.08 at $ 48.13
Rocky Mountain Dealership Inc.—-unch at $ 8.20

(All figures are in Canadian dollars.)

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