By MarketsFarm
WINNIPEG, June 5 (MarketsFarm) – The Canadian dollar was up at Wednesday’s close, riding the coattails of a market rally.
The Canadian dollar closed at US$.7462 or US$1=C$1.3401, up from Tuesday’s close of US$.7455 or US$1=C$1.3414.
The TSX gained 46.42 points to close at 16,121.66.
United States stock indexes climbed due to optimism that the U.S. and Mexico will come to an agreement before June 10, and a trade war between the two countries will be avoided. Investors expect the U.S. Federal Reserve to ease interest rates on the heels of reports detailing weak retail sales and home purchasing activity.
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Traders are “hoping that the Fed will cut rates and hoping that a resolution to the trade concerns will come to an end sometime soon as the economy slows,” said Ryan Nauman, a market strategist at Informa Financial Intelligence, to Bloomberg.
The Dow Jones Industrial gained 173.32 points to close at 25,510.07. The NASDAQ gained 35.84 points to close at 7,561.71. The S&P 500 Index was up 19.91 points, closing at 2,823.43 points.
Oil prices fell significantly, responding to reports of increased U.S. petroleum inventories, sparking fears of a supply glut as demand continues to be muted. West Texas Intermediate dropped by US$1.74 to end the day at US$51.74 per barrel, and Brent Crude oil lowered US$1.31 to hit US$60.66 per barrel.
Canada’s agricultural sector fared as follows:
AGT Food and Ingredients unchanged at $ 17.99
Buhler Industries unchanged at $ 3.62
Maple Leaf Foods dn $ 0.38 at $ 30.01
Nutrien Ltd. up $ 0.06 at $ 68.85
Ritchie Bros Auctioneers Inc. up $ 0.78 at $ 45.30
Rocky Mountain Dealerships Inc. up $ 0.06 at $ 8.68
(All figures are in Canadian dollars.)
