WINNIPEG – The Canadian dollar dropped below the 76 United States cent mark after the Bank of Canada (BoC) increased its key interest rate earlier today.
The loonie closed at US$0.7596 or US$1=C$1.3164, down from US$0.7611 or US$1=C$1.3139 on Tuesday. For the fifth consecutive meeting, the BoC raised its key interest rate to tackle inflation, this time by 75 basis points to 3.25 per cent. It is the highest policy rate among major advanced economies.
The United States Dollar Index declined 0.64 of a point to 109.58.
Crude oil prices took a tumble on Wednesday as demand concerns from China pressured the markets. Brent crude oil fell US$5.14 per barrel to US$87.69. West Texas Intermediate (WTI) crude oil dropped US$4.98 at US$81.90/barrel. During the day, the 50-day moving average for WTI at one point was below the 200-day moving average for the first time since 2020. Western Canadian Select (WCS) lost US$4.33 per barrel to US$61.69.
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The TSX/S&P Composite Index gained 153.29 points at 19,241.44.
Gold added US$15.30 at US$1,728.20 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.13
Farmer’s Edge Inc. unchanged at $ 0.60
Linamar Corp. up $ 1.05 at $ 63.66
Maple Leaf Foods up $ 0.13 at $ 22.91
Nutrien Ltd. dn $ 0.78 at $118.46
Ritchie Bros Auctioneers Inc. up $ 0.49 at $ 91.50
(All figures are in Canadian dollars.)
