WINNIPEG – The Canadian loonie closed Wednesday just shy of 80 United States cents, after hitting a high of US$0.8002.
The loonie was at US$0.7994 or US$1=C$1.2510 on Wednesday, up from Tuesday’s close of US$0.7933 or US$1=C$1.2606. In a report to clients on Tuesday, J.P. Morgan expects the Bank of Canada to raise its benchmark interest rate at its Jan. 26 meeting.
The U.S. Dollar Index lost 0.68 of a point to 94.94. The Labor Department announced on Wednesday the country’s consumer price index increased by 0.5 per cent in December and the annual inflation rate stands at seven per cent, the highest level since June 1982.
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Benchmark crude oil prices continued its upward climb as demand outpaces supply. Brent crude oil advanced US$1.02 per barrel to US$84.74. West Texas Intermediate (WTI) crude oil jumped US$1.54 to US$82.76/barrel. Western Canadian Select (WCS) crude oil increased US$0.98 at US$69.73/barrel.
The TSX/S&P Composite Index gained 120.19 points to 21,395.00.
Gold added US$8.50 per ounce to US$1,827.00.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.29
Farmer’s Edge Inc. dn $ 0.01 at $ 3.13
Linamar Corp. dn $ 0.59 at $ 77.02
Maple Leaf Foods dn $ 0.22 at $ 29.09
Nutrien Ltd. up $ 2.34 at $ 90.39
Ritchie Bros Auctioneers Inc. up $ 0.91 at $ 77.07
(All figures are in Canadian dollars.)
